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 Caseyville home prices have performed since 2007.
Caseyville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
105
$265,500
$313,290
-
2008
85
$255,000
$285,600
-8.8%
2009
84
$89,250
$101,745
-64.4%
2010
87
$80,000
$89,600
-11.9%
2011
90
$71,500
$77,935
-13%
2012
72
$63,500
$67,945
-12.8%
2013
100
$73,250
$76,912.50
13.2%
2014
77
$85,000
$87,550
13.8%
2015
116
$85,000
$87,550
0%
2016
80
$62,000
$63,240
-27.8%
2017
101
$65,000
$65,000
2.8%
Total change in price
-79.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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