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 Fox Lake Hills home prices have performed since 2007.
Fox Lake Hills historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
51
$193,000
$227,740
-
2008
33
$185,000
$207,200
-9%
2009
24
$145,250
$165,585
-20.1%
2010
22
$142,000
$159,040
-4%
2011
28
$124,750
$135,977.50
-14.5%
2012
37
$134,900
$144,343
6.2%
2013
46
$132,500
$139,125
-3.6%
2014
33
$135,000
$139,050
-0.1%
2015
52
$147,000
$151,410
8.9%
2016
51
$165,000
$168,300
11.2%
2017
61
$158,000
$158,000
-6.1%
Total change in price
-30.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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