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 Lincoln Square home prices have performed since 2008.
Lincoln Square historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
54
$427,250
$499,882.50
-
2009
38
$407,250
$476,482.50
-4.7%
2010
30
$440,000
$501,600
5.3%
2011
33
$330,000
$372,900
-25.7%
2012
36
$365,000
$397,850
6.7%
2013
38
$417,250
$450,630
13.3%
2014
56
$425,000
$450,500
-0%
2015
62
$495,000
$524,700
16.5%
2016
45
$514,000
$539,700
2.9%
2017
64
$490,000
$499,800
-7.4%
2018
67
$500,000
$500,000
0%
Total change in price
0%
Where sale prices were unavailable, the home's assessed value was substituted.
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