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 Park Ridge home prices have performed since 2008.
Park Ridge historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
421
$430,000
$503,100
-
2009
348
$335,000
$391,950
-22.1%
2010
415
$340,000
$387,600
-1.1%
2011
392
$323,000
$364,990
-5.8%
2012
569
$308,500
$336,265
-7.9%
2013
657
$325,000
$351,000
4.4%
2014
623
$345,000
$365,700
4.2%
2015
638
$385,000
$408,100
11.6%
2016
708
$378,500
$397,425
-2.6%
2017
678
$392,000
$399,840
0.6%
2018
579
$389,500
$389,500
-2.6%
Total change in price
-22.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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