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 Sleepy Hollow home prices have performed since 2008.
Sleepy Hollow historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
24
$315,625
$369,281.25
-
2009
23
$325,000
$380,250
3%
2010
27
$259,000
$295,260
-22.4%
2011
27
$240,000
$271,200
-8.1%
2012
37
$190,000
$207,100
-23.6%
2013
44
$247,000
$266,760
28.8%
2014
37
$230,000
$243,800
-8.6%
2015
41
$263,250
$279,045
14.5%
2016
59
$266,500
$279,825
0.3%
2017
63
$285,000
$290,700
3.9%
2018
62
$258,250
$258,250
-11.2%
Total change in price
-30.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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