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 Hoffman Estates home prices have performed since 2008.
Hoffman Estates historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
537
$275,000
$321,750
-
2009
439
$229,000
$267,930
-16.7%
2010
416
$215,750
$245,955
-8.2%
2011
422
$176,500
$199,445
-18.9%
2012
599
$164,000
$178,760
-10.4%
2013
833
$185,000
$199,800
11.8%
2014
725
$208,500
$221,010
10.6%
2015
782
$220,000
$233,200
5.5%
2016
833
$229,000
$240,450
3.1%
2017
815
$248,000
$252,960
5.2%
2018
770
$250,000
$250,000
-1.2%
Total change in price
-22.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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