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 Wood Dale home prices have performed since 2008.
Wood Dale historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
131
$270,000
$315,900
-
2009
114
$208,500
$243,945
-22.8%
2010
122
$172,000
$196,080
-19.6%
2011
113
$148,950
$168,313.50
-14.2%
2012
152
$150,000
$163,500
-2.9%
2013
181
$165,000
$178,200
9%
2014
182
$190,000
$201,400
13%
2015
169
$211,250
$223,925
11.2%
2016
192
$218,000
$228,900
2.2%
2017
196
$200,000
$204,000
-10.9%
2018
176
$220,000
$220,000
7.8%
Total change in price
-30.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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