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 Dixmoor home prices have performed since 2008.
Dixmoor historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
22
$67,000
$78,390
-
2009
16
$17,750
$20,767.50
-73.5%
2010
18
$14,250
$16,245
-21.8%
2011
18
$16,500
$18,645
14.8%
2012
9
$24,000
$26,160
40.3%
2013
12
$21,000
$22,680
-13.3%
2014
9
$16,500
$17,490
-22.9%
2015
5
$23,000
$24,380
39.4%
2016
13
$22,000
$23,100
-5.3%
2017
13
$32,000
$32,640
41.3%
2018
15
$52,000
$52,000
59.3%
Total change in price
-33.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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