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 Dolton home prices have performed since 2008.
Dolton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
308
$80,000
$93,600
-
2009
293
$38,000
$44,460
-52.5%
2010
261
$35,000
$39,900
-10.3%
2011
189
$35,000
$39,550
-0.9%
2012
262
$30,000
$32,700
-17.3%
2013
279
$35,000
$37,800
15.6%
2014
313
$30,250
$32,065
-15.2%
2015
328
$36,250
$38,425
19.8%
2016
322
$42,500
$44,625
16.1%
2017
409
$57,000
$58,140
30.3%
2018
370
$60,000
$60,000
3.2%
Total change in price
-35.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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