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 Loves Park home prices have performed since 2008.
Loves Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
120
$222,700
$260,559
-
2009
71
$212,000
$248,040
-4.8%
2010
55
$186,150
$212,211
-14.4%
2011
29
$250,000
$282,500
33.1%
2012
29
$248,000
$270,320
-4.3%
2013
24
$224,450
$242,406
-10.3%
2014
33
$242,500
$257,050
6%
2015
27
$234,000
$248,040
-3.5%
2016
36
$226,250
$237,562.50
-4.2%
2017
27
$234,000
$238,680
0.5%
2018
25
$239,000
$239,000
0.1%
Total change in price
-8.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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