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 Chicago home prices have performed since 2007.
West Chicago historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
241
$238,000
$280,840
-
2008
197
$215,250
$241,080
-14.2%
2009
179
$160,000
$182,400
-24.3%
2010
166
$150,000
$168,000
-7.9%
2011
176
$120,000
$130,800
-22.1%
2012
234
$130,000
$139,100
6.3%
2013
235
$147,500
$154,875
11.3%
2014
235
$177,500
$182,825
18%
2015
238
$177,000
$182,310
-0.3%
2016
264
$210,000
$214,200
17.5%
2017
122
$240,000
$240,000
12%
Total change in price
-14.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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