To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 percent in Illinois.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, the U.S. dollar has experienced an average inflation rate of 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Big Oaks home prices have performed since 2008.
Big Oaks historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
49
$278,000
$325,260
-
2009
50
$250,000
$292,500
-10.1%
2010
54
$233,500
$266,190
-9%
2011
55
$210,000
$237,300
-10.9%
2012
84
$191,500
$208,735
-12%
2013
90
$212,000
$228,960
9.7%
2014
85
$257,000
$272,420
19%
2015
74
$261,750
$277,455
1.8%
2016
82
$273,000
$286,650
3.3%
2017
97
$276,000
$281,520
-1.8%
2018
73
$285,000
$285,000
1.2%
Total change in price
-12.4%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up