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 Ingalls Park home prices have performed since 2007.
Ingalls Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
85
$124,000
$146,320
-
2008
46
$111,750
$125,160
-14.5%
2009
56
$83,000
$94,620
-24.4%
2010
59
$66,750
$74,760
-21%
2011
57
$68,500
$74,665
-0.1%
2012
62
$56,000
$59,920
-19.7%
2013
87
$60,000
$63,000
5.1%
2014
99
$44,164
$45,488.92
-27.8%
2015
46
$55,500
$57,165
25.7%
2016
47
$75,000
$76,500
33.8%
2017
51
$90,000
$90,000
17.6%
Total change in price
-38.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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