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 Harvey home prices have performed since 2008.
Harvey historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
298
$35,000
$40,950
-
2009
299
$14,000
$16,380
-60%
2010
231
$15,000
$17,100
4.4%
2011
136
$14,000
$15,820
-7.5%
2012
162
$15,000
$16,350
3.4%
2013
176
$15,000
$16,200
-0.9%
2014
134
$17,000
$18,020
11.2%
2015
135
$22,250
$23,585
30.9%
2016
170
$25,000
$26,250
11.3%
2017
151
$22,000
$22,440
-14.5%
2018
149
$33,750
$33,750
50.4%
Total change in price
-17.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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