To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 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 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Alton home prices have performed since 2008.
Alton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
496
$62,000
$72,540
-
2009
450
$56,250
$65,812.50
-9.3%
2010
387
$52,000
$59,280
-9.9%
2011
312
$47,500
$53,675
-9.5%
2012
346
$49,000
$53,410
-0.5%
2013
404
$50,000
$54,000
1.1%
2014
428
$47,500
$50,350
-6.8%
2015
428
$58,445.50
$61,952.23
23%
2016
485
$54,000
$56,700
-8.5%
2017
473
$64,000
$65,280
15.1%
2018
526
$59,950
$59,950
-8.2%
Total change in price
-17.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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