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 Roscoe Village home prices have performed since 2008.
Roscoe Village historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
210
$514,000
$601,380
-
2009
163
$449,000
$525,330
-12.6%
2010
132
$450,000
$513,000
-2.3%
2011
166
$424,500
$479,685
-6.5%
2012
168
$450,000
$490,500
2.3%
2013
271
$514,500
$555,660
13.3%
2014
230
$575,000
$609,500
9.7%
2015
237
$531,750
$563,655
-7.5%
2016
267
$525,000
$551,250
-2.2%
2017
227
$580,000
$591,600
7.3%
2018
209
$570,000
$570,000
-3.7%
Total change in price
-5.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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