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 Roseland/Pullman home prices have performed since 2007.
Roseland/Pullman historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
661
$135,000
$159,300
-
2008
438
$69,000
$77,280
-51.5%
2009
469
$25,000
$28,500
-63.1%
2010
374
$29,250
$32,760
14.9%
2011
253
$30,000
$32,700
-0.2%
2012
261
$30,000
$32,100
-1.8%
2013
396
$28,500
$29,925
-6.8%
2014
382
$34,500
$35,535
18.7%
2015
363
$35,500
$36,565
2.9%
2016
400
$40,000
$40,800
11.6%
2017
473
$54,750
$54,750
34.2%
Total change in price
-65.6%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up