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 Tinley Park home prices have performed since 2008.
Tinley Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
578
$210,000
$245,700
-
2009
488
$185,000
$216,450
-11.9%
2010
466
$190,000
$216,600
0.1%
2011
422
$166,000
$187,580
-13.4%
2012
541
$150,000
$163,500
-12.8%
2013
775
$158,750
$171,450
4.9%
2014
717
$167,000
$177,020
3.2%
2015
843
$172,000
$182,320
3%
2016
956
$178,000
$186,900
2.5%
2017
1,011
$184,500
$188,190
0.7%
2018
966
$193,000
$193,000
2.6%
Total change in price
-21.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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