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 Hanover Park home prices have performed since 2008.
Hanover Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
138
$190,000
$222,300
-
2009
168
$140,000
$163,800
-26.3%
2010
171
$120,000
$136,800
-16.5%
2011
148
$95,500
$107,915
-21.1%
2012
245
$98,500
$107,365
-0.5%
2013
283
$126,000
$136,080
26.7%
2014
267
$136,000
$144,160
5.9%
2015
269
$137,500
$145,750
1.1%
2016
276
$177,500
$186,375
27.9%
2017
293
$180,000
$183,600
-1.5%
2018
240
$205,000
$205,000
11.7%
Total change in price
-7.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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