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 Central City home prices have performed since 2007.
Central City historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
20
$25,375
$29,942.50
-
2008
15
$15,000
$16,800
-43.9%
2009
9
$10,000
$11,400
-32.1%
2010
10
$33,750
$37,800
231.6%
2011
14
$51,500
$56,135
48.5%
2012
9
$22,500
$24,075
-57.1%
2013
6
$17,250
$18,112.50
-24.8%
2014
11
$17,500
$18,025
-0.5%
2015
13
$45,000
$46,350
157.1%
2016
13
$30,000
$30,600
-34%
2017
12
$16,425
$16,425
-46.3%
Total change in price
-45.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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