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 Meadowbrook home prices have performed since 2008.
Meadowbrook historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
16
$69,500
$81,315
-
2009
11
$52,000
$60,840
-25.2%
2010
6
$98,000
$111,720
83.6%
2011
1
$65,000
$73,450
-34.3%
2012
6
$50,000
$54,500
-25.8%
2013
15
$63,750
$68,850
26.3%
2014
10
$64,000
$67,840
-1.5%
2015
7
$76,900
$81,514
20.2%
2016
12
$75,000
$78,750
-3.4%
2017
10
$45,005.50
$45,905.61
-41.7%
2018
11
$87,000
$87,000
89.5%
Total change in price
7%
Where sale prices were unavailable, the home's assessed value was substituted.
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