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 Morton Grove home prices have performed since 2008.
Morton Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
226
$330,000
$386,100
-
2009
206
$270,000
$315,900
-18.2%
2010
258
$245,000
$279,300
-11.6%
2011
272
$215,000
$242,950
-13%
2012
358
$202,500
$220,725
-9.1%
2013
400
$230,000
$248,400
12.5%
2014
405
$245,000
$259,700
4.5%
2015
420
$259,000
$274,540
5.7%
2016
396
$271,500
$285,075
3.8%
2017
451
$300,000
$306,000
7.3%
2018
367
$300,000
$300,000
-2%
Total change in price
-22.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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