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 Glenbard South home prices have performed since 2008.
Glenbard South historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
31
$311,750
$364,747.50
-
2009
29
$275,000
$321,750
-11.8%
2010
25
$285,750
$325,755
1.2%
2011
33
$270,000
$305,100
-6.3%
2012
35
$247,000
$269,230
-11.8%
2013
48
$295,000
$318,600
18.3%
2014
42
$332,500
$352,450
10.6%
2015
62
$309,000
$327,540
-7.1%
2016
51
$322,500
$338,625
3.4%
2017
60
$340,750
$347,565
2.6%
2018
68
$320,000
$320,000
-7.9%
Total change in price
-12.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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