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 Worth home prices have performed since 2008.
Worth historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
93
$166,000
$194,220
-
2009
90
$128,500
$150,345
-22.6%
2010
91
$138,000
$157,320
4.6%
2011
105
$115,000
$129,950
-17.4%
2012
138
$85,250
$92,922.50
-28.5%
2013
151
$87,250
$94,230
1.4%
2014
154
$120,000
$127,200
35%
2015
154
$127,500
$135,150
6.2%
2016
153
$132,000
$138,600
2.6%
2017
168
$123,500
$125,970
-9.1%
2018
186
$155,000
$155,000
23%
Total change in price
-20.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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