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 Orland Hills home prices have performed since 2008.
Orland Hills historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
52
$200,000
$234,000
-
2009
57
$176,000
$205,920
-12%
2010
50
$186,500
$212,610
3.2%
2011
41
$171,500
$193,795
-8.8%
2012
48
$132,500
$144,425
-25.5%
2013
81
$165,000
$178,200
23.4%
2014
72
$178,000
$188,680
5.9%
2015
78
$180,000
$190,800
1.1%
2016
87
$199,000
$208,950
9.5%
2017
102
$197,000
$200,940
-3.8%
2018
97
$185,000
$185,000
-7.9%
Total change in price
-20.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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