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 Collinsville home prices have performed since 2007.
Collinsville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
487
$116,000
$136,880
-
2008
396
$114,275
$127,988
-6.5%
2009
368
$100,000
$114,000
-10.9%
2010
322
$102,457.50
$114,752.40
0.7%
2011
291
$103,000
$112,270
-2.2%
2012
329
$96,000
$102,720
-8.5%
2013
373
$88,128
$92,534.40
-9.9%
2014
401
$96,000
$98,880
6.9%
2015
431
$99,000
$101,970
3.1%
2016
465
$107,500
$109,650
7.5%
2017
433
$110,000
$110,000
0.3%
Total change in price
-19.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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