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 Hanover Park home prices have performed since 2008.
Hanover Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
194
$182,000
$212,940
-
2009
174
$138,900
$162,513
-23.7%
2010
177
$121,000
$137,940
-15.1%
2011
158
$108,500
$122,605
-11.1%
2012
171
$110,000
$119,900
-2.2%
2013
235
$120,000
$129,600
8.1%
2014
190
$150,750
$159,795
23.3%
2015
238
$151,000
$160,060
0.2%
2016
259
$153,000
$160,650
0.4%
2017
273
$175,000
$178,500
11.1%
2018
185
$183,000
$183,000
2.5%
Total change in price
-14.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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