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 Northfield home prices have performed since 2008.
Northfield historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
56
$633,500
$741,195
-
2009
53
$634,000
$741,780
0.1%
2010
78
$448,000
$510,720
-31.1%
2011
64
$408,750
$461,887.50
-9.6%
2012
129
$440,000
$479,600
3.8%
2013
124
$492,500
$531,900
10.9%
2014
143
$422,500
$447,850
-15.8%
2015
131
$549,500
$582,470
30.1%
2016
121
$490,000
$514,500
-11.7%
2017
124
$457,000
$466,140
-9.4%
2018
97
$490,000
$490,000
5.1%
Total change in price
-33.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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