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 Blue Island home prices have performed since 2008.
Blue Island historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
147
$141,500
$165,555
-
2009
104
$78,000
$91,260
-44.9%
2010
127
$88,000
$100,320
9.9%
2011
143
$51,250
$57,912.50
-42.3%
2012
153
$45,000
$49,050
-15.3%
2013
181
$52,500
$56,700
15.6%
2014
171
$68,750
$72,875
28.5%
2015
197
$65,000
$68,900
-5.5%
2016
220
$81,500
$85,575
24.2%
2017
217
$100,000
$102,000
19.2%
2018
200
$124,750
$124,750
22.3%
Total change in price
-24.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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