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 Millstadt home prices have performed since 2008.
Millstadt historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
79
$435,000
$508,950
-
2009
66
$182,500
$213,525
-58%
2010
71
$160,000
$182,400
-14.6%
2011
49
$147,000
$166,110
-8.9%
2012
65
$157,500
$171,675
3.4%
2013
75
$162,500
$175,500
2.2%
2014
67
$144,000
$152,640
-13%
2015
69
$145,000
$153,700
0.7%
2016
73
$156,000
$163,800
6.6%
2017
80
$162,000
$165,240
0.9%
2018
70
$152,500
$152,500
-7.7%
Total change in price
-70%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up