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 St. Louis home prices have performed since 2008.
East St. Louis historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
121
$45,000
$52,650
-
2009
116
$12,000
$14,040
-73.3%
2010
86
$8,000
$9,120
-35%
2011
79
$12,000
$13,560
48.7%
2012
86
$8,000
$8,720
-35.7%
2013
100
$11,750
$12,690
45.5%
2014
67
$8,000
$8,480
-33.2%
2015
75
$13,000
$13,780
62.5%
2016
86
$11,500
$12,075
-12.4%
2017
91
$11,000
$11,220
-7.1%
2018
99
$12,000
$12,000
7%
Total change in price
-77.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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