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 Near West Side home prices have performed since 2007.
Near West Side historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
743
$337,000
$397,660
-
2008
411
$329,750
$369,320
-7.1%
2009
291
$281,000
$320,340
-13.3%
2010
261
$265,000
$296,800
-7.3%
2011
260
$247,000
$269,230
-9.3%
2012
360
$215,000
$230,050
-14.6%
2013
397
$280,000
$294,000
27.8%
2014
389
$317,000
$326,510
11.1%
2015
404
$350,000
$360,500
10.4%
2016
392
$340,000
$346,800
-3.8%
2017
410
$378,000
$378,000
9%
Total change in price
-4.9%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.