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 McKinley Park home prices have performed since 2008.
McKinley Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
97
$263,000
$307,710
-
2009
66
$205,000
$239,850
-22.1%
2010
91
$185,500
$211,470
-11.8%
2011
77
$130,000
$146,900
-30.5%
2012
90
$136,500
$148,785
1.3%
2013
96
$152,000
$164,160
10.3%
2014
88
$151,500
$160,590
-2.2%
2015
89
$188,000
$199,280
24.1%
2016
109
$200,000
$210,000
5.4%
2017
98
$213,750
$218,025
3.8%
2018
103
$256,500
$256,500
17.6%
Total change in price
-16.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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