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Sunday, January 19, 2020

2018 home sales: Steger price history

Real Estate

By Local Labs News Service | Mar 1, 2019

Re 8

Historical home sales data show whether price appreciation has outpaced inflation and tax rates. BlockShopper.com has calculated cities' median sales prices for the past 10 years, adjusting for inflation.

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 Steger home prices have performed since 2008.

Steger historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
38
$140,000
$163,800
-
2009
28
$107,000
$125,190
-23.6%
2010
34
$96,500
$110,010
-12.1%
2011
27
$65,000
$73,450
-33.2%
2012
40
$41,500
$45,235
-38.4%
2013
39
$70,000
$75,600
67.1%
2014
42
$69,500
$73,670
-2.6%
2015
49
$67,250
$71,285
-3.2%
2016
51
$84,000
$88,200
23.7%
2017
67
$85,750
$87,465
-0.8%
2018
58
$91,000
$91,000
4%
Total change in price
-44.4%

Where sale prices were unavailable, the home's assessed value was substituted.

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