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 Homewood home prices have performed since 2008.
Homewood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
259
$168,000
$196,560
-
2009
216
$138,500
$162,045
-17.6%
2010
226
$130,000
$148,200
-8.5%
2011
191
$107,000
$120,910
-18.4%
2012
240
$99,500
$108,455
-10.3%
2013
365
$115,000
$124,200
14.5%
2014
319
$121,000
$128,260
3.3%
2015
345
$118,500
$125,610
-2.1%
2016
356
$125,000
$131,250
4.5%
2017
414
$147,500
$150,450
14.6%
2018
375
$150,000
$150,000
-0.3%
Total change in price
-23.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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