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 West Pullman home prices have performed since 2007.
West Pullman historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
522
$127,000
$149,860
-
2008
321
$58,000
$64,960
-56.7%
2009
363
$22,000
$25,080
-61.4%
2010
340
$20,000
$22,400
-10.7%
2011
199
$27,500
$29,975
33.8%
2012
232
$23,000
$24,610
-17.9%
2013
304
$25,000
$26,250
6.7%
2014
269
$27,500
$28,325
7.9%
2015
273
$32,000
$32,960
16.4%
2016
293
$34,500
$35,190
6.8%
2017
336
$39,750
$39,750
13%
Total change in price
-73.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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