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 Indian Head Park home prices have performed since 2008.
Indian Head Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
37
$219,000
$256,230
-
2009
43
$225,000
$263,250
2.7%
2010
54
$215,000
$245,100
-6.9%
2011
60
$190,000
$214,700
-12.4%
2012
80
$184,250
$200,832.50
-6.5%
2013
98
$170,000
$183,600
-8.6%
2014
102
$211,000
$223,660
21.8%
2015
93
$209,000
$221,540
-0.9%
2016
108
$213,500
$224,175
1.2%
2017
110
$220,000
$224,400
0.1%
2018
89
$221,000
$221,000
-1.5%
Total change in price
-13.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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