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 Rosemont home prices have performed since 2008.
Rosemont historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
10
$210,750
$246,577.50
-
2009
14
$365,000
$427,050
73.2%
2010
9
$99,000
$112,860
-73.6%
2011
14
$82,500
$93,225
-17.4%
2012
21
$110,000
$119,900
28.6%
2013
23
$300,000
$324,000
170.2%
2014
24
$324,500
$343,970
6.2%
2015
24
$100,750
$106,795
-69%
2016
30
$272,500
$286,125
167.9%
2017
22
$273,500
$278,970
-2.5%
2018
30
$364,500
$364,500
30.7%
Total change in price
47.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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