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 Gage Park home prices have performed since 2008.
Gage Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
121
$145,000
$169,650
-
2009
228
$67,250
$78,682.50
-53.6%
2010
240
$82,500
$94,050
19.5%
2011
179
$79,000
$89,270
-5.1%
2012
229
$63,000
$68,670
-23.1%
2013
205
$65,000
$70,200
2.2%
2014
227
$83,000
$87,980
25.3%
2015
221
$104,500
$110,770
25.9%
2016
184
$118,500
$124,425
12.3%
2017
165
$152,000
$155,040
24.6%
2018
170
$148,500
$148,500
-4.2%
Total change in price
-12.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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