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 Avondale home prices have performed since 2008.
Avondale historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
167
$342,000
$400,140
-
2009
153
$277,500
$324,675
-18.9%
2010
185
$237,500
$270,750
-16.6%
2011
170
$190,000
$214,700
-20.7%
2012
183
$195,500
$213,095
-0.7%
2013
226
$260,000
$280,800
31.8%
2014
229
$290,000
$307,400
9.5%
2015
224
$327,000
$346,620
12.8%
2016
289
$337,000
$353,850
2.1%
2017
234
$365,000
$372,300
5.2%
2018
237
$390,000
$390,000
4.8%
Total change in price
-2.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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