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 Carbon Cliff home prices have performed since 2007.
Carbon Cliff historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
31
$78,000
$92,040
-
2008
20
$67,750
$75,880
-17.6%
2009
20
$67,500
$76,950
1.4%
2010
16
$77,750
$87,080
13.2%
2011
21
$84,000
$91,560
5.1%
2012
20
$58,500
$62,595
-31.6%
2013
23
$91,500
$96,075
53.5%
2014
20
$108,500
$111,755
16.3%
2015
25
$80,000
$82,400
-26.3%
2016
26
$75,000
$76,500
-7.2%
2017
23
$65,000
$65,000
-15%
Total change in price
-29.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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