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 Montclare home prices have performed since 2008.
Montclare historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
79
$267,500
$312,975
-
2009
118
$180,000
$210,600
-32.7%
2010
136
$164,000
$186,960
-11.2%
2011
132
$143,500
$162,155
-13.3%
2012
167
$139,500
$152,055
-6.2%
2013
189
$150,000
$162,000
6.5%
2014
168
$180,000
$190,800
17.8%
2015
171
$200,000
$212,000
11.1%
2016
152
$225,000
$236,250
11.4%
2017
169
$232,000
$236,640
0.2%
2018
142
$256,000
$256,000
8.2%
Total change in price
-18.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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