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 Garfield Ridge home prices have performed since 2008.
Garfield Ridge historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
301
$225,500
$263,835
-
2009
293
$187,000
$218,790
-17.1%
2010
286
$176,000
$200,640
-8.3%
2011
277
$154,500
$174,585
-13%
2012
349
$140,000
$152,600
-12.6%
2013
398
$155,000
$167,400
9.7%
2014
410
$168,000
$178,080
6.4%
2015
391
$192,500
$204,050
14.6%
2016
454
$203,500
$213,675
4.7%
2017
490
$215,000
$219,300
2.6%
2018
471
$225,000
$225,000
2.6%
Total change in price
-14.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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