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 South Holland home prices have performed since 2008.
South Holland historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
247
$150,500
$176,085
-
2009
251
$100,000
$117,000
-33.6%
2010
251
$103,000
$117,420
0.4%
2011
231
$90,000
$101,700
-13.4%
2012
279
$93,000
$101,370
-0.3%
2013
351
$89,750
$96,930
-4.4%
2014
312
$100,000
$106,000
9.4%
2015
348
$114,250
$121,105
14.2%
2016
380
$105,000
$110,250
-9%
2017
447
$120,000
$122,400
11%
2018
381
$140,000
$140,000
14.4%
Total change in price
-20.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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