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 East Hazel Crest home prices have performed since 2008.
East Hazel Crest historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
9
$120,000
$140,400
-
2009
7
$73,000
$85,410
-39.2%
2010
13
$71,000
$80,940
-5.2%
2011
8
$72,250
$81,642.50
0.9%
2012
11
$38,500
$41,965
-48.6%
2013
17
$33,000
$35,640
-15.1%
2014
12
$59,000
$62,540
75.5%
2015
11
$52,500
$55,650
-11%
2016
14
$60,000
$63,000
13.2%
2017
21
$83,500
$85,170
35.2%
2018
21
$65,000
$65,000
-23.7%
Total change in price
-53.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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