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 Medinah home prices have performed since 2008.
Medinah historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
23
$336,500
$393,705
-
2009
15
$285,000
$333,450
-15.3%
2010
28
$278,000
$316,920
-5%
2011
24
$288,500
$326,005
2.9%
2012
20
$250,000
$272,500
-16.4%
2013
22
$277,500
$299,700
10%
2014
26
$285,000
$302,100
0.8%
2015
25
$300,750
$318,795
5.5%
2016
27
$343,000
$360,150
13%
2017
31
$350,000
$357,000
-0.9%
2018
26
$327,000
$327,000
-8.4%
Total change in price
-16.9%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up