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 Markham home prices have performed since 2008.
Markham historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
162
$55,500
$64,935
-
2009
176
$27,000
$31,590
-51.4%
2010
142
$30,000
$34,200
8.3%
2011
105
$30,000
$33,900
-0.9%
2012
122
$27,000
$29,430
-13.2%
2013
180
$28,000
$30,240
2.8%
2014
141
$35,000
$37,100
22.7%
2015
126
$32,500
$34,450
-7.1%
2016
124
$42,750
$44,887.50
30.3%
2017
170
$51,250
$52,275
16.5%
2018
144
$43,500
$43,500
-16.8%
Total change in price
-33%
Where sale prices were unavailable, the home's assessed value was substituted.
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