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 East Garfield Park home prices have performed since 2008.
East Garfield Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
173
$128,500
$150,345
-
2009
241
$37,500
$43,875
-70.8%
2010
206
$32,000
$36,480
-16.9%
2011
169
$32,250
$36,442.50
-0.1%
2012
159
$36,500
$39,785
9.2%
2013
208
$40,000
$43,200
8.6%
2014
175
$53,000
$56,180
30%
2015
171
$71,000
$75,260
34%
2016
206
$80,500
$84,525
12.3%
2017
189
$100,000
$102,000
20.7%
2018
194
$144,250
$144,250
41.4%
Total change in price
-4.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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