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 Olympia Fields home prices have performed since 2008.
Olympia Fields historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
69
$241,500
$282,555
-
2009
66
$189,000
$221,130
-21.7%
2010
58
$168,250
$191,805
-13.3%
2011
60
$161,500
$182,495
-4.9%
2012
77
$140,000
$152,600
-16.4%
2013
92
$155,000
$167,400
9.7%
2014
77
$155,000
$164,300
-1.9%
2015
83
$160,000
$169,600
3.2%
2016
104
$161,500
$169,575
-0%
2017
94
$187,750
$191,505
12.9%
2018
92
$189,500
$189,500
-1%
Total change in price
-32.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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