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 Riverdale home prices have performed since 2008.
Riverdale historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
128
$60,000
$70,200
-
2009
141
$29,000
$33,930
-51.7%
2010
112
$25,000
$28,500
-16%
2011
82
$21,000
$23,730
-16.7%
2012
111
$20,000
$21,800
-8.1%
2013
107
$22,000
$23,760
9%
2014
106
$20,250
$21,465
-9.7%
2015
91
$25,000
$26,500
23.5%
2016
114
$25,000
$26,250
-0.9%
2017
109
$35,000
$35,700
36%
2018
125
$36,500
$36,500
2.2%
Total change in price
-48%
Where sale prices were unavailable, the home's assessed value was substituted.
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