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 Highwood home prices have performed since 2008.
Highwood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
22
$277,500
$324,675
-
2009
18
$247,500
$289,575
-10.8%
2010
19
$270,000
$307,800
6.3%
2011
20
$215,000
$242,950
-21.1%
2012
21
$215,500
$234,895
-3.3%
2013
27
$260,000
$280,800
19.5%
2014
46
$249,000
$263,940
-6%
2015
29
$314,000
$332,840
26.1%
2016
35
$299,500
$314,475
-5.5%
2017
27
$372,000
$379,440
20.7%
2018
34
$285,000
$285,000
-24.9%
Total change in price
-12.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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