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 Elmwood Park home prices have performed since 2008.
Elmwood Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
198
$226,000
$264,420
-
2009
221
$190,000
$222,300
-15.9%
2010
249
$168,000
$191,520
-13.8%
2011
251
$140,000
$158,200
-17.4%
2012
292
$135,000
$147,150
-7%
2013
368
$151,750
$163,890
11.4%
2014
308
$178,750
$189,475
15.6%
2015
386
$195,000
$206,700
9.1%
2016
371
$225,000
$236,250
14.3%
2017
356
$229,750
$234,345
-0.8%
2018
342
$249,000
$249,000
6.3%
Total change in price
-5.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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