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 Grant Park home prices have performed since 2008.
Grant Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$163,425
$191,207.25
-
2009
22
$155,450
$181,876.50
-4.9%
2010
13
$136,000
$155,040
-14.8%
2011
20
$111,750
$126,277.50
-18.6%
2012
23
$111,000
$120,990
-4.2%
2013
26
$115,000
$124,200
2.7%
2014
33
$155,000
$164,300
32.3%
2015
29
$180,000
$190,800
16.1%
2016
34
$145,500
$152,775
-19.9%
2017
39
$145,000
$147,900
-3.2%
2018
41
$177,000
$177,000
19.7%
Total change in price
-7.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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