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 Town home prices have performed since 2007.
West Town historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
463
$350,000
$413,000
-
2008
304
$340,000
$380,800
-7.8%
2009
229
$295,000
$336,300
-11.7%
2010
239
$314,500
$352,240
4.7%
2011
265
$285,000
$310,650
-11.8%
2012
329
$290,000
$310,300
-0.1%
2013
465
$340,000
$357,000
15%
2014
405
$405,000
$417,150
16.8%
2015
488
$410,000
$422,300
1.2%
2016
441
$430,000
$438,600
3.9%
2017
429
$475,500
$475,500
8.4%
Total change in price
15.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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