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 Heart of Chicago home prices have performed since 2007.
Heart of Chicago historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
67
$270,000
$318,600
-
2008
40
$232,000
$259,840
-18.4%
2009
48
$152,000
$173,280
-33.3%
2010
43
$168,000
$188,160
8.6%
2011
38
$107,500
$117,175
-37.7%
2012
49
$125,000
$133,750
14.1%
2013
60
$150,000
$157,500
17.8%
2014
64
$157,000
$161,710
2.7%
2015
66
$195,000
$200,850
24.2%
2016
76
$225,250
$229,755
14.4%
2017
89
$265,000
$265,000
15.3%
Total change in price
-16.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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