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 South Loop home prices have performed since 2007.
South Loop historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
1,562
$308,500
$364,030
-
2008
1,486
$335,000
$375,200
3.1%
2009
863
$315,000
$359,100
-4.3%
2010
654
$289,000
$323,680
-9.9%
2011
515
$250,000
$272,500
-15.8%
2012
698
$235,000
$251,450
-7.7%
2013
814
$285,000
$299,250
19%
2014
846
$307,500
$316,725
5.8%
2015
932
$320,000
$329,600
4.1%
2016
1,006
$325,000
$331,500
0.6%
2017
941
$330,000
$330,000
-0.5%
Total change in price
-9.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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