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 West Brooklyn home prices have performed since 2007.
West Brooklyn historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
6
$87,500
$103,250
-
2008
4
$77,500
$86,800
-15.9%
2009
3
$93,500
$106,590
22.8%
2010
4
$143,750
$161,000
51%
2011
2
$17,500
$19,075
-88.2%
2012
3
$106,500
$113,955
497.4%
2013
3
$17,000
$17,850
-84.3%
2014
8
$30,375
$31,286.25
75.3%
2015
4
$50,250
$51,757.50
65.4%
2016
5
$73,500
$74,970
44.8%
2017
6
$86,250
$86,250
15%
Total change in price
-16.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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