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 South Chicago Heights home prices have performed since 2007.
South Chicago Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
57
$130,000
$153,400
-
2008
42
$116,000
$129,920
-15.3%
2009
32
$97,000
$110,580
-14.9%
2010
33
$73,000
$81,760
-26.1%
2011
24
$53,000
$57,770
-29.3%
2012
30
$46,000
$49,220
-14.8%
2013
35
$45,000
$47,250
-4%
2014
46
$81,750
$84,202.50
78.2%
2015
49
$58,000
$59,740
-29.1%
2016
57
$55,000
$56,100
-6.1%
2017
64
$78,000
$78,000
39%
Total change in price
-49.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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