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 Alsip home prices have performed since 2007.
Alsip historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
268
$200,500
$236,590
-
2008
143
$155,000
$173,600
-26.6%
2009
156
$148,000
$168,720
-2.8%
2010
133
$115,500
$129,360
-23.3%
2011
119
$110,500
$120,445
-6.9%
2012
192
$109,500
$117,165
-2.7%
2013
251
$109,750
$115,237.50
-1.6%
2014
230
$120,000
$123,600
7.3%
2015
250
$126,500
$130,295
5.4%
2016
276
$134,250
$136,935
5.1%
2017
281
$143,500
$143,500
4.8%
Total change in price
-39.3%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up