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 Uptown home prices have performed since 2007.
Uptown historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
574
$281,000
$331,580
-
2008
434
$269,250
$301,560
-9.1%
2009
288
$250,000
$285,000
-5.5%
2010
243
$229,000
$256,480
-10%
2011
227
$171,000
$186,390
-27.3%
2012
308
$204,000
$218,280
17.1%
2013
364
$215,000
$225,750
3.4%
2014
385
$225,000
$231,750
2.7%
2015
392
$239,000
$246,170
6.2%
2016
499
$265,000
$270,300
9.8%
2017
492
$252,000
$252,000
-6.8%
Total change in price
-24%
Where sale prices were unavailable, the home's assessed value was substituted.
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