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 York Center home prices have performed since 2008.
York Center historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
76
$170,000
$198,900
-
2009
50
$119,000
$139,230
-30%
2010
65
$115,000
$131,100
-5.8%
2011
63
$101,000
$114,130
-12.9%
2012
62
$94,500
$103,005
-9.7%
2013
94
$100,000
$108,000
4.8%
2014
90
$134,000
$142,040
31.5%
2015
89
$132,000
$139,920
-1.5%
2016
85
$144,500
$151,725
8.4%
2017
103
$155,500
$158,610
4.5%
2018
95
$159,000
$159,000
0.2%
Total change in price
-20.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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