Webpack dev server file recompiling doesn't affect output file

I'm trying to compile React using webpack while webpack-dev-server is working. My problem:
When the server is running and I'm changing something inside file server detects changes and recompiles everything, but when I'm watching on compiled, I doen't see any changes. Server is running fith --inline and --hot flags.

If I compile file using webpack command in console than everything works perfectly. I see changes inside file.

Project sctructure

Webpack.config.js

var debug = process.env.NODE_ENV !== "production";
var webpack = require('webpack');
var path = require('path');

module.exports = {
    context: path.join(__dirname, "src"),
    devtool: debug ? "inline-sourcemap" : null,
    entry: "./js/app.js",
    module: {
        loaders: [
            {
                test: /\.jsx?$/,
                exclude: /(node_modules|bower_components)/,
                loader: 'babel-loader',
                query: {
                    presets: ['react', 'es2015', 'stage-0'],
                    plugins: ['react-html-attrs', 'transform-decorators-legacy', 'transform-class-properties'],
                }
            }
        ]
    },
    output: {
        path: __dirname  + "/dist/js/",
        filename: "app.js",
    },
    plugins: debug ? [] : [
        new webpack.optimize.DedupePlugin(),
        new webpack.optimize.OccurenceOrderPlugin(),
        new webpack.optimize.UglifyJsPlugin({ mangle: false, sourcemap: false}),
    ],
};

Run server using command in console npm run dev package.json

{
  "name": "Project",
  "version": "1.0.0",
  "description": "",
  "main": "webpack.config.js",
  "dependencies": {
    "babel-core": "^6.24.1",
    "babel-loader": "^7.0.0",
    "babel-plugin-add-module-exports": "^0.2.1",
    "babel-plugin-react-html-attrs": "^2.0.0",
    "babel-plugin-transform-class-properties": "^6.24.1",
    "babel-plugin-transform-decorators-legacy": "^1.3.4",
    "babel-preset-es2015": "^6.24.1",
    "babel-preset-react": "^6.24.1",
    "babel-preset-stage-0": "^6.24.1",
    "webpack": "^2.4.1",
    "webpack-dev-server": "^2.4.4",
    "react": "^15.5.4",
    "react-dom": "^15.5.4"
  },
  "devDependencies": {},
  "scripts": {
    "dev": "./node_modules/.bin/webpack-dev-server --content-base --inline --hot",
    "test": "echo \"Error: no test specified\" && exit 1"
  },
  "author": "Name",
  "license": "ISC"
}

via vladja