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 Belleville home prices have performed since 2008.
Belleville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
1,031
$322,500
$377,325
-
2009
919
$120,000
$140,400
-62.8%
2010
837
$93,500
$106,590
-24.1%
2011
700
$85,000
$96,050
-9.9%
2012
795
$80,000
$87,200
-9.2%
2013
869
$80,000
$86,400
-0.9%
2014
913
$85,000
$90,100
4.3%
2015
967
$88,000
$93,280
3.5%
2016
1,106
$89,000
$93,450
0.2%
2017
1,178
$88,750
$90,525
-3.1%
2018
1,229
$94,000
$94,000
3.8%
Total change in price
-75.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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