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 Eastwood Manor home prices have performed since 2008.
Eastwood Manor historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
9
$136,000
$159,120
-
2009
7
$152,000
$177,840
11.8%
2010
4
$135,615.50
$154,601.67
-13.1%
2011
8
$99,750
$112,717.50
-27.1%
2012
7
$91,000
$99,190
-12%
2013
11
$85,500
$92,340
-6.9%
2014
12
$108,750
$115,275
24.8%
2015
10
$117,000
$124,020
7.6%
2016
16
$120,000
$126,000
1.6%
2017
17
$140,000
$142,800
13.3%
2018
19
$154,000
$154,000
7.8%
Total change in price
-3.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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