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 Germantown Hills home prices have performed since 2008.
Germantown Hills historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
46
$200,500
$234,585
-
2009
25
$182,500
$213,525
-9%
2010
31
$203,900
$232,446
8.9%
2011
32
$185,950
$210,123.50
-9.6%
2012
42
$184,500
$201,105
-4.3%
2013
47
$190,000
$205,200
2%
2014
42
$206,950
$219,367
6.9%
2015
49
$189,900
$201,294
-8.2%
2016
43
$179,500
$188,475
-6.4%
2017
34
$212,250
$216,495
14.9%
2018
31
$180,900
$180,900
-16.4%
Total change in price
-22.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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