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 Humboldt Park home prices have performed since 2007.
Humboldt Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
724
$291,000
$343,380
-
2008
395
$261,750
$293,160
-14.6%
2009
442
$79,500
$90,630
-69.1%
2010
457
$72,000
$80,640
-11%
2011
412
$82,500
$89,925
11.5%
2012
429
$95,000
$101,650
13%
2013
550
$135,000
$141,750
39.4%
2014
490
$187,500
$193,125
36.2%
2015
568
$239,000
$246,170
27.5%
2016
569
$259,750
$264,945
7.6%
2017
535
$255,000
$255,000
-3.8%
Total change in price
-25.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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