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 Grandwood Park home prices have performed since 2008.
Grandwood Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
61
$283,250
$331,402.50
-
2009
69
$214,537
$251,008.29
-24.3%
2010
44
$312,000
$355,680
41.7%
2011
55
$280,000
$316,400
-11%
2012
66
$150,000
$163,500
-48.3%
2013
87
$180,000
$194,400
18.9%
2014
76
$237,500
$251,750
29.5%
2015
75
$182,000
$192,920
-23.4%
2016
80
$224,550
$235,777.50
22.2%
2017
94
$216,262.50
$220,587.75
-6.4%
2018
120
$247,450
$247,450
12.2%
Total change in price
-25.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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