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 Mayfair home prices have performed since 2008.
Mayfair historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
43
$265,000
$310,050
-
2009
55
$210,000
$245,700
-20.8%
2010
54
$199,500
$227,430
-7.4%
2011
49
$126,000
$142,380
-37.4%
2012
60
$163,500
$178,215
25.2%
2013
82
$200,000
$216,000
21.2%
2014
88
$235,000
$249,100
15.3%
2015
87
$284,500
$301,570
21.1%
2016
99
$278,000
$291,900
-3.2%
2017
95
$335,000
$341,700
17.1%
2018
72
$299,500
$299,500
-12.4%
Total change in price
-3.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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