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 O'Fallon home prices have performed since 2008.
O'Fallon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
566
$584,250
$683,572.50
-
2009
534
$207,500
$242,775
-64.5%
2010
521
$185,000
$210,900
-13.1%
2011
415
$185,000
$209,050
-0.9%
2012
440
$181,500
$197,835
-5.4%
2013
514
$185,000
$199,800
1%
2014
563
$175,500
$186,030
-6.9%
2015
601
$190,000
$201,400
8.3%
2016
603
$189,000
$198,450
-1.5%
2017
590
$199,250
$203,235
2.4%
2018
617
$195,000
$195,000
-4.1%
Total change in price
-71.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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