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 Richton Park home prices have performed since 2008.
Richton Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
135
$134,500
$157,365
-
2009
134
$105,250
$123,142.50
-21.7%
2010
138
$84,500
$96,330
-21.8%
2011
115
$87,000
$98,310
2.1%
2012
145
$63,000
$68,670
-30.1%
2013
205
$87,500
$94,500
37.6%
2014
176
$70,000
$74,200
-21.5%
2015
168
$78,500
$83,210
12.1%
2016
172
$75,000
$78,750
-5.4%
2017
231
$87,000
$88,740
12.7%
2018
192
$124,500
$124,500
40.3%
Total change in price
-20.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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