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 Palos Hills home prices have performed since 2008.
Palos Hills historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
199
$175,500
$205,335
-
2009
148
$159,000
$186,030
-9.4%
2010
169
$142,000
$161,880
-13%
2011
160
$120,750
$136,447.50
-15.7%
2012
211
$118,000
$128,620
-5.7%
2013
269
$106,000
$114,480
-11%
2014
291
$123,000
$130,380
13.9%
2015
274
$138,250
$146,545
12.4%
2016
293
$149,500
$156,975
7.1%
2017
272
$153,000
$156,060
-0.6%
2018
285
$162,000
$162,000
3.8%
Total change in price
-21.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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