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 Thornton home prices have performed since 2008.
Thornton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
19
$135,000
$157,950
-
2009
24
$119,250
$139,522.50
-11.7%
2010
17
$87,500
$99,750
-28.5%
2011
23
$72,500
$81,925
-17.9%
2012
11
$46,000
$50,140
-38.8%
2013
37
$45,000
$48,600
-3.1%
2014
33
$61,000
$64,660
33%
2015
28
$80,000
$84,800
31.1%
2016
38
$89,000
$93,450
10.2%
2017
42
$91,750
$93,585
0.1%
2018
39
$108,000
$108,000
15.4%
Total change in price
-31.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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