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 O'Hare home prices have performed since 2008.
O'Hare historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
46
$159,000
$186,030
-
2009
62
$126,500
$148,005
-20.4%
2010
94
$88,750
$101,175
-31.6%
2011
82
$73,750
$83,337.50
-17.6%
2012
100
$85,000
$92,650
11.2%
2013
122
$90,000
$97,200
4.9%
2014
101
$230,000
$243,800
150.8%
2015
103
$233,000
$246,980
1.3%
2016
120
$230,000
$241,500
-2.2%
2017
122
$274,000
$279,480
15.7%
2018
81
$280,000
$280,000
0.2%
Total change in price
50.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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