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 Westmont home prices have performed since 2008.
Westmont historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
218
$276,000
$322,920
-
2009
216
$255,000
$298,350
-7.6%
2010
155
$255,000
$290,700
-2.6%
2011
191
$199,000
$224,870
-22.6%
2012
240
$187,750
$204,647.50
-9%
2013
331
$220,000
$237,600
16.1%
2014
334
$249,000
$263,940
11.1%
2015
319
$285,000
$302,100
14.5%
2016
336
$235,000
$246,750
-18.3%
2017
348
$257,000
$262,140
6.2%
2018
273
$280,000
$280,000
6.8%
Total change in price
-13.3%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up