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 LaSalle home prices have performed since 2008.
LaSalle historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
118
$82,700
$96,759
-
2009
121
$68,000
$79,560
-17.8%
2010
98
$69,250
$78,945
-0.8%
2011
108
$77,450
$87,518.50
10.9%
2012
86
$63,500
$69,215
-20.9%
2013
112
$69,500
$75,060
8.4%
2014
101
$65,000
$68,900
-8.2%
2015
103
$71,000
$75,260
9.2%
2016
127
$59,000
$61,950
-17.7%
2017
111
$79,500
$81,090
30.9%
2018
76
$75,500
$75,500
-6.9%
Total change in price
-22%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up