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 Oak Lawn home prices have performed since 2008.
Oak Lawn historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
551
$192,520
$225,248.40
-
2009
482
$170,000
$198,900
-11.7%
2010
516
$155,750
$177,555
-10.7%
2011
502
$134,750
$152,267.50
-14.2%
2012
744
$118,000
$128,620
-15.5%
2013
913
$127,500
$137,700
7.1%
2014
899
$131,000
$138,860
0.8%
2015
879
$140,000
$148,400
6.9%
2016
995
$155,000
$162,750
9.7%
2017
1,085
$166,750
$170,085
4.5%
2018
954
$175,000
$175,000
2.9%
Total change in price
-22.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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