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 Granite City home prices have performed since 2007.
Granite City historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
828
$65,000
$76,700
-
2008
647
$62,967
$70,523.04
-8.1%
2009
585
$62,000
$70,680
0.2%
2010
508
$60,085.50
$67,295.76
-4.8%
2011
464
$55,000
$59,950
-10.9%
2012
474
$54,732
$58,563.24
-2.3%
2013
524
$52,538
$55,164.90
-5.8%
2014
524
$53,450
$55,053.50
-0.2%
2015
551
$53,900
$55,517
0.8%
2016
633
$55,000
$56,100
1.1%
2017
612
$55,000
$55,000
-2%
Total change in price
-28.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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