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 Clarendon Hills home prices have performed since 2008.
Clarendon Hills historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
104
$500,000
$585,000
-
2009
111
$408,500
$477,945
-18.3%
2010
129
$392,500
$447,450
-6.4%
2011
114
$425,000
$480,250
7.3%
2012
138
$335,750
$365,967.50
-23.8%
2013
214
$435,000
$469,800
28.4%
2014
176
$486,000
$515,160
9.7%
2015
183
$474,750
$503,235
-2.3%
2016
193
$413,000
$433,650
-13.8%
2017
192
$447,000
$455,940
5.1%
2018
153
$437,500
$437,500
-4%
Total change in price
-25.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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