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 Hazel Crest home prices have performed since 2008.
Hazel Crest historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
178
$99,000
$115,830
-
2009
176
$50,500
$59,085
-49%
2010
151
$45,500
$51,870
-12.2%
2011
141
$50,500
$57,065
10%
2012
156
$47,500
$51,775
-9.3%
2013
211
$49,000
$52,920
2.2%
2014
198
$59,750
$63,335
19.7%
2015
209
$70,000
$74,200
17.2%
2016
226
$74,000
$77,700
4.7%
2017
266
$75,000
$76,500
-1.5%
2018
191
$96,000
$96,000
25.5%
Total change in price
-17.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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