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 Hartford home prices have performed since 2008.
Hartford historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$42,600
$49,842
-
2009
22
$41,000
$47,970
-3.8%
2010
11
$44,000
$50,160
4.6%
2011
20
$46,500
$52,545
4.8%
2012
13
$47,000
$51,230
-2.5%
2013
32
$41,000
$44,280
-13.6%
2014
18
$47,950
$50,827
14.8%
2015
25
$34,500
$36,570
-28.1%
2016
25
$35,000
$36,750
0.5%
2017
20
$43,250
$44,115
20%
2018
29
$33,000
$33,000
-25.2%
Total change in price
-33.8%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up