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 Scottsdale home prices have performed since 2008.
Scottsdale historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
106
$184,500
$215,865
-
2009
137
$142,000
$166,140
-23%
2010
175
$130,000
$148,200
-10.8%
2011
146
$118,250
$133,622.50
-9.8%
2012
171
$115,000
$125,350
-6.2%
2013
228
$120,500
$130,140
3.8%
2014
207
$126,000
$133,560
2.6%
2015
195
$154,000
$163,240
22.2%
2016
206
$165,000
$173,250
6.1%
2017
212
$183,500
$187,170
8%
2018
161
$192,500
$192,500
2.8%
Total change in price
-10.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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