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 East Alton home prices have performed since 2008.
East Alton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
106
$62,700
$73,359
-
2009
90
$59,450
$69,556.50
-5.2%
2010
89
$53,500
$60,990
-12.3%
2011
81
$38,000
$42,940
-29.6%
2012
80
$46,899.50
$51,120.45
19.1%
2013
90
$44,950
$48,546
-5%
2014
81
$37,550
$39,803
-18%
2015
107
$53,000
$56,180
41.1%
2016
109
$62,000
$65,100
15.9%
2017
110
$65,662.50
$66,975.75
2.9%
2018
107
$38,400
$38,400
-42.7%
Total change in price
-47.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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