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 Goose Island home prices have performed since 2008.
Goose Island historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
61
$373,500
$436,995
-
2009
144
$395,000
$462,150
5.8%
2010
105
$340,750
$388,455
-15.9%
2011
65
$300,000
$339,000
-12.7%
2012
78
$305,000
$332,450
-1.9%
2013
87
$399,000
$430,920
29.6%
2014
89
$395,000
$418,700
-2.8%
2015
108
$420,000
$445,200
6.3%
2016
110
$402,500
$422,625
-5.1%
2017
126
$425,750
$434,265
2.8%
2018
109
$441,000
$441,000
1.6%
Total change in price
0.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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