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 Maple Park home prices have performed since 2008.
Maple Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
13
$147,026
$172,020.42
-
2009
15
$170,000
$198,900
15.6%
2010
18
$161,625
$184,252.50
-7.4%
2011
19
$185,000
$209,050
13.5%
2012
22
$133,700
$145,733
-30.3%
2013
20
$154,094.50
$166,422.06
14.2%
2014
23
$144,000
$152,640
-8.3%
2015
25
$197,000
$208,820
36.8%
2016
30
$196,250
$206,062.50
-1.3%
2017
18
$184,125
$187,807.50
-8.9%
2018
21
$179,000
$179,000
-4.7%
Total change in price
4.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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