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 Centreville home prices have performed since 2008.
Centreville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
17
$45,000
$52,650
-
2009
20
$30,000
$35,100
-33.3%
2010
6
$13,000
$14,820
-57.8%
2011
11
$8,500
$9,605
-35.2%
2012
13
$11,000
$11,990
24.8%
2013
19
$18,000
$19,440
62.1%
2014
12
$13,000
$13,780
-29.1%
2015
16
$19,500
$20,670
50%
2016
18
$12,500
$13,125
-36.5%
2017
19
$7,500
$7,650
-41.7%
2018
27
$20,000
$20,000
161.4%
Total change in price
-62%
Where sale prices were unavailable, the home's assessed value was substituted.
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