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 Lincolnwood home prices have performed since 2008.
Lincolnwood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
94
$410,000
$479,700
-
2009
116
$325,000
$380,250
-20.7%
2010
143
$282,500
$322,050
-15.3%
2011
136
$277,500
$313,575
-2.6%
2012
160
$268,000
$292,120
-6.8%
2013
181
$280,000
$302,400
3.5%
2014
201
$308,250
$326,745
8.1%
2015
185
$345,000
$365,700
11.9%
2016
175
$370,000
$388,500
6.2%
2017
179
$364,500
$371,790
-4.3%
2018
161
$351,500
$351,500
-5.5%
Total change in price
-26.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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