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 Collinsville home prices have performed since 2008.
Collinsville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
50
$345,000
$403,650
-
2009
41
$123,000
$143,910
-64.3%
2010
39
$126,000
$143,640
-0.2%
2011
31
$95,000
$107,350
-25.3%
2012
53
$115,000
$125,350
16.8%
2013
35
$120,000
$129,600
3.4%
2014
49
$105,000
$111,300
-14.1%
2015
54
$114,000
$120,840
8.6%
2016
58
$99,250
$104,212.50
-13.8%
2017
78
$115,250
$117,555
12.8%
2018
54
$96,250
$96,250
-18.1%
Total change in price
-76.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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