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 Manhattan home prices have performed since 2007.
Manhattan historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
126
$237,423
$280,159.14
-
2008
166
$203,491
$227,909.92
-18.6%
2009
135
$200,841.29
$228,959.07
0.5%
2010
138
$182,000
$203,840
-11%
2011
111
$175,000
$190,750
-6.4%
2012
166
$170,000
$181,900
-4.6%
2013
232
$176,260
$185,073
1.7%
2014
195
$201,000
$207,030
11.9%
2015
166
$205,000
$211,150
2%
2016
209
$208,000
$212,160
0.5%
2017
226
$249,999.50
$249,999.50
17.8%
Total change in price
-10.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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