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 Oakland home prices have performed since 2008.
Oakland historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
19
$50,000
$58,500
-
2009
25
$45,000
$52,650
-10%
2010
20
$48,900
$55,746
5.9%
2011
20
$69,750
$78,817.50
41.4%
2012
18
$58,887
$64,186.83
-18.6%
2013
23
$51,000
$55,080
-14.2%
2014
19
$65,000
$68,900
25.1%
2015
15
$99,000
$104,940
52.3%
2016
17
$62,000
$65,100
-38%
2017
23
$83,000
$84,660
30%
2018
18
$39,500
$39,500
-53.3%
Total change in price
-32.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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