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 Buena Park home prices have performed since 2008.
Buena Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
239
$257,500
$301,275
-
2009
183
$227,000
$265,590
-11.8%
2010
111
$224,500
$255,930
-3.6%
2011
125
$154,500
$174,585
-31.8%
2012
151
$159,250
$173,582.50
-0.6%
2013
215
$190,000
$205,200
18.2%
2014
229
$201,000
$213,060
3.8%
2015
227
$208,000
$220,480
3.5%
2016
277
$217,000
$227,850
3.3%
2017
268
$181,500
$185,130
-18.7%
2018
280
$233,500
$233,500
26.1%
Total change in price
-22.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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