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 Cahokia home prices have performed since 2008.
Cahokia historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
229
$75,000
$87,750
-
2009
166
$29,000
$33,930
-61.3%
2010
197
$16,000
$18,240
-46.2%
2011
159
$13,000
$14,690
-19.5%
2012
201
$16,000
$17,440
18.7%
2013
403
$27,000
$29,160
67.2%
2014
367
$26,000
$27,560
-5.5%
2015
401
$36,000
$38,160
38.5%
2016
272
$20,750
$21,787.50
-42.9%
2017
312
$23,500
$23,970
10%
2018
222
$22,000
$22,000
-8.2%
Total change in price
-74.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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