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 Briar Hill home prices have performed since 2008.
Briar Hill historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
4
$286,500
$335,205
-
2009
8
$126,500
$148,005
-55.8%
2010
7
$106,000
$120,840
-18.4%
2011
4
$187,500
$211,875
75.3%
2012
8
$33,500
$36,515
-82.8%
2013
10
$85,000
$91,800
151.4%
2014
7
$97,500
$103,350
12.6%
2015
8
$111,000
$117,660
13.8%
2016
3
$83,500
$87,675
-25.5%
2017
13
$113,500
$115,770
32%
2018
10
$151,000
$151,000
30.4%
Total change in price
-55%
Where sale prices were unavailable, the home's assessed value was substituted.
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