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 Bucktown home prices have performed since 2008.
Bucktown historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
438
$445,000
$520,650
-
2009
293
$412,750
$482,917.50
-7.2%
2010
273
$424,250
$483,645
0.2%
2011
295
$425,000
$480,250
-0.7%
2012
379
$410,000
$446,900
-6.9%
2013
464
$465,000
$502,200
12.4%
2014
424
$485,500
$514,630
2.5%
2015
493
$518,500
$549,610
6.8%
2016
467
$545,000
$572,250
4.1%
2017
515
$507,500
$517,650
-9.5%
2018
436
$575,000
$575,000
11.1%
Total change in price
10.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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