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 Blue Island home prices have performed since 2007.
Blue Island historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
234
$170,000
$200,600
-
2008
147
$141,500
$158,480
-21%
2009
104
$78,000
$88,920
-43.9%
2010
127
$88,000
$98,560
10.8%
2011
143
$51,250
$55,862.50
-43.3%
2012
153
$45,000
$48,150
-13.8%
2013
181
$52,500
$55,125
14.5%
2014
171
$68,750
$70,812.50
28.5%
2015
197
$65,000
$66,950
-5.5%
2016
220
$81,500
$83,130
24.2%
2017
217
$100,000
$100,000
20.3%
Total change in price
-50.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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