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 Ford Heights home prices have performed since 2008.
Ford Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
16
$41,000
$47,970
-
2009
11
$6,000
$7,020
-85.4%
2010
13
$14,000
$15,960
127.4%
2011
8
$9,500
$10,735
-32.7%
2012
3
$6,500
$7,085
-34%
2013
15
$9,000
$9,720
37.2%
2014
6
$8,750
$9,275
-4.6%
2015
6
$30,000
$31,800
242.9%
2016
7
$11,500
$12,075
-62%
2017
7
$5,000
$5,100
-57.8%
2018
9
$28,000
$28,000
449%
Total change in price
-41.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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