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 Burnham home prices have performed since 2008.
Burnham historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
39
$98,000
$114,660
-
2009
27
$38,000
$44,460
-61.2%
2010
30
$35,500
$40,470
-9%
2011
28
$35,000
$39,550
-2.3%
2012
30
$43,000
$46,870
18.5%
2013
43
$39,000
$42,120
-10.1%
2014
43
$37,000
$39,220
-6.9%
2015
37
$32,000
$33,920
-13.5%
2016
51
$45,000
$47,250
39.3%
2017
45
$66,000
$67,320
42.5%
2018
44
$58,000
$58,000
-13.8%
Total change in price
-49.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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