To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 5 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 2.47 percent annually since 2000.
The average effective property tax rate in Illinois was 2.3 percent in 2017, according to the Illinois Policy Institute.
Here's how Little Village home prices have performed since 2007.
Little Village historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
251
$229,000
$270,220
-
2008
125
$159,000
$178,080
-34.1%
2009
205
$60,000
$68,400
-61.6%
2010
244
$55,000
$61,600
-9.9%
2011
210
$59,000
$64,310
4.4%
2012
231
$51,500
$55,105
-14.3%
2013
263
$60,000
$63,000
14.3%
2014
222
$65,000
$66,950
6.3%
2015
206
$78,000
$80,340
20%
2016
243
$90,000
$91,800
14.3%
2017
279
$132,000
$132,000
43.8%
Total change in price
-51.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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