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 Chinatown home prices have performed since 2007.
Chinatown historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
18
$236,500
$279,070
-
2008
48
$253,750
$284,200
1.8%
2009
35
$247,000
$281,580
-0.9%
2010
50
$263,500
$295,120
4.8%
2011
28
$250,000
$272,500
-7.7%
2012
48
$207,000
$221,490
-18.7%
2013
19
$235,000
$246,750
11.4%
2014
35
$230,000
$236,900
-4%
2015
28
$227,250
$234,067.50
-1.2%
2016
35
$225,000
$229,500
-2%
2017
40
$274,000
$274,000
19.4%
Total change in price
-1.8%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.