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 Park Forest home prices have performed since 2008.
Park Forest historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
243
$94,000
$109,980
-
2009
214
$49,500
$57,915
-47.3%
2010
208
$44,000
$50,160
-13.4%
2011
167
$37,000
$41,810
-16.6%
2012
213
$32,000
$34,880
-16.6%
2013
239
$35,000
$37,800
8.4%
2014
254
$31,000
$32,860
-13.1%
2015
255
$34,500
$36,570
11.3%
2016
268
$40,000
$42,000
14.8%
2017
282
$44,750
$45,645
8.7%
2018
283
$64,500
$64,500
41.3%
Total change in price
-41.4%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up