To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 5 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 2.47 percent annually since 2000.
The average effective property tax rate in Illinois was 2.3 percent in 2017, according to the Illinois Policy Institute.
Here's how Creve Coeur home prices have performed since 2007.
Creve Coeur historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
119
$67,000
$79,060
-
2008
78
$68,950
$77,224
-2.3%
2009
58
$63,778
$72,706.92
-5.8%
2010
72
$55,250
$61,880
-14.9%
2011
64
$61,750
$67,307.50
8.8%
2012
72
$48,000
$51,360
-23.7%
2013
68
$57,450
$60,322.50
17.5%
2014
75
$58,000
$59,740
-1%
2015
72
$63,000
$64,890
8.6%
2016
79
$54,900
$55,998
-13.7%
2017
72
$64,000
$64,000
14.3%
Total change in price
-19%
Where sale prices were unavailable, the home's assessed value was substituted.
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