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 Calumet Park home prices have performed since 2007.
Calumet Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
98
$140,000
$165,200
-
2008
76
$130,000
$145,600
-11.9%
2009
85
$26,500
$30,210
-79.3%
2010
59
$38,500
$43,120
42.7%
2011
49
$35,000
$38,150
-11.5%
2012
51
$35,500
$37,985
-0.4%
2013
62
$37,000
$38,850
2.3%
2014
74
$39,750
$40,942.50
5.4%
2015
80
$51,500
$53,045
29.6%
2016
89
$44,000
$44,880
-15.4%
2017
76
$70,500
$70,500
57.1%
Total change in price
-57.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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