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 North Chicago home prices have performed since 2008.
North Chicago historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
110
$97,500
$114,075
-
2009
84
$57,250
$66,982.50
-41.3%
2010
74
$50,000
$57,000
-14.9%
2011
66
$40,250
$45,482.50
-20.2%
2012
76
$30,800
$33,572
-26.2%
2013
107
$43,000
$46,440
38.3%
2014
108
$44,000
$46,640
0.4%
2015
105
$55,000
$58,300
25%
2016
115
$58,005
$60,905.25
4.5%
2017
131
$75,000
$76,500
25.6%
2018
136
$105,000
$105,000
37.3%
Total change in price
-8%
Where sale prices were unavailable, the home's assessed value was substituted.
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