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 Mount Prospect home prices have performed since 2008.
Mount Prospect historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
376
$305,000
$356,850
-
2009
456
$255,500
$298,935
-16.2%
2010
468
$228,500
$260,490
-12.9%
2011
422
$200,000
$226,000
-13.2%
2012
623
$210,000
$228,900
1.3%
2013
816
$225,000
$243,000
6.2%
2014
744
$250,000
$265,000
9.1%
2015
787
$270,000
$286,200
8%
2016
808
$285,000
$299,250
4.6%
2017
792
$280,000
$285,600
-4.6%
2018
680
$285,500
$285,500
-0%
Total change in price
-20%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up