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 Calumet City home prices have performed since 2008.
Calumet City historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
370
$105,750
$123,727.50
-
2009
360
$59,000
$69,030
-44.2%
2010
373
$53,500
$60,990
-11.6%
2011
282
$47,250
$53,392.50
-12.5%
2012
339
$33,500
$36,515
-31.6%
2013
429
$40,500
$43,740
19.8%
2014
422
$41,000
$43,460
-0.6%
2015
446
$45,000
$47,700
9.8%
2016
444
$53,000
$55,650
16.7%
2017
507
$61,750
$62,985
13.2%
2018
466
$75,000
$75,000
19.1%
Total change in price
-39.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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