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 Chicago Heights home prices have performed since 2008.
Chicago Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
283
$80,000
$93,600
-
2009
297
$41,500
$48,555
-48.1%
2010
281
$46,000
$52,440
8%
2011
174
$37,500
$42,375
-19.2%
2012
241
$37,500
$40,875
-3.5%
2013
272
$44,250
$47,790
16.9%
2014
271
$50,000
$53,000
10.9%
2015
276
$60,000
$63,600
20%
2016
285
$65,000
$68,250
7.3%
2017
294
$75,000
$76,500
12.1%
2018
296
$86,250
$86,250
12.7%
Total change in price
-7.9%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up