To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 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 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Bronzeville home prices have performed since 2008.
Bronzeville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
401
$260,000
$304,200
-
2009
310
$146,500
$171,405
-43.7%
2010
360
$85,000
$96,900
-43.5%
2011
268
$65,000
$73,450
-24.2%
2012
325
$73,000
$79,570
8.3%
2013
385
$90,000
$97,200
22.2%
2014
338
$115,000
$121,900
25.4%
2015
358
$129,250
$137,005
12.4%
2016
370
$189,000
$198,450
44.8%
2017
412
$214,000
$218,280
10%
2018
328
$219,000
$219,000
0.3%
Total change in price
-28%
Where sale prices were unavailable, the home's assessed value was substituted.
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