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 Washington Park home prices have performed since 2008.
Washington Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
25
$25,500
$29,835
-
2009
24
$12,500
$14,625
-51%
2010
27
$14,000
$15,960
9.1%
2011
15
$10,000
$11,300
-29.2%
2012
18
$4,500
$4,905
-56.6%
2013
11
$5,000
$5,400
10.1%
2014
13
$5,000
$5,300
-1.9%
2015
13
$5,000
$5,300
0%
2016
9
$4,000
$4,200
-20.8%
2017
6
$4,750
$4,845
15.4%
2018
9
$5,400
$5,400
11.5%
Total change in price
-81.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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