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 Noble Square home prices have performed since 2007.
Noble Square historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
162
$400,000
$472,000
-
2008
128
$395,000
$442,400
-6.3%
2009
84
$360,000
$410,400
-7.2%
2010
97
$358,000
$400,960
-2.3%
2011
85
$342,500
$373,325
-6.9%
2012
116
$345,250
$369,417.50
-1%
2013
119
$389,000
$408,450
10.6%
2014
132
$393,500
$405,305
-0.8%
2015
165
$440,000
$453,200
11.8%
2016
160
$460,000
$469,200
3.5%
2017
186
$513,500
$513,500
9.4%
Total change in price
8.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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