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 Niles home prices have performed since 2008.
Niles historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
236
$280,000
$327,600
-
2009
238
$234,250
$274,072.50
-16.3%
2010
268
$210,000
$239,400
-12.7%
2011
286
$180,000
$203,400
-15%
2012
368
$171,000
$186,390
-8.4%
2013
418
$205,500
$221,940
19.1%
2014
420
$223,250
$236,645
6.6%
2015
454
$240,000
$254,400
7.5%
2016
431
$250,000
$262,500
3.2%
2017
450
$266,500
$271,830
3.6%
2018
419
$271,000
$271,000
-0.3%
Total change in price
-17.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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