Historical home sales data show whether price appreciation has outpaced inflation and tax rates. BlockShopper.com has calculated neighborhoods' median sales prices for the past 10 years, adjusting for inflation.
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 Portage Park home prices have performed since 2008.
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.