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 Norridge home prices have performed since 2008.
Norridge historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
115
$311,000
$363,870
-
2009
151
$255,500
$298,935
-17.8%
2010
127
$228,000
$259,920
-13.1%
2011
151
$205,000
$231,650
-10.9%
2012
200
$190,000
$207,100
-10.6%
2013
240
$210,000
$226,800
9.5%
2014
214
$240,000
$254,400
12.2%
2015
192
$249,500
$264,470
4%
2016
246
$260,000
$273,000
3.2%
2017
221
$280,000
$285,600
4.6%
2018
179
$282,000
$282,000
-1.3%
Total change in price
-22.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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