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 Rosewood Heights home prices have performed since 2008.
Rosewood Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
73
$91,000
$106,470
-
2009
71
$93,600
$109,512
2.9%
2010
66
$92,654.50
$105,626.13
-3.5%
2011
60
$85,898
$97,064.74
-8.1%
2012
77
$85,000
$92,650
-4.5%
2013
75
$98,500
$106,380
14.8%
2014
56
$95,022.50
$100,723.85
-5.3%
2015
62
$99,250
$105,205
4.4%
2016
79
$94,900
$99,645
-5.3%
2017
71
$92,500
$94,350
-5.3%
2018
73
$96,500
$96,500
2.3%
Total change in price
-9.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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