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 Chatham home prices have performed since 2007.
Chatham historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
266
$130,000
$153,400
-
2008
223
$134,500
$150,640
-1.8%
2009
232
$140,500
$160,170
6.3%
2010
214
$142,250
$159,320
-0.5%
2011
180
$140,810
$153,482.90
-3.7%
2012
176
$149,500
$159,965
4.2%
2013
233
$148,500
$155,925
-2.5%
2014
248
$141,250
$145,487.50
-6.7%
2015
251
$155,000
$159,650
9.7%
2016
230
$165,940
$169,258.80
6%
2017
218
$162,500
$162,500
-4%
Total change in price
5.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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