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 Kenilworth home prices have performed since 2008.
Kenilworth historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
23
$1,640,000
$1,918,800
-
2009
22
$1,124,000
$1,315,080
-31.5%
2010
35
$987,500
$1,125,750
-14.4%
2011
33
$1,437,500
$1,624,375
44.3%
2012
36
$822,500
$896,525
-44.8%
2013
52
$897,500
$969,300
8.1%
2014
49
$1,130,000
$1,197,800
23.6%
2015
38
$1,085,000
$1,150,100
-4%
2016
49
$1,225,000
$1,286,250
11.8%
2017
63
$1,120,000
$1,142,400
-11.2%
2018
43
$925,000
$925,000
-19%
Total change in price
-51.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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