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 Long Lake home prices have performed since 2008.
Long Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
48
$148,000
$173,160
-
2009
39
$112,500
$131,625
-24%
2010
32
$59,700
$68,058
-48.3%
2011
34
$54,500
$61,585
-9.5%
2012
30
$80,000
$87,200
41.6%
2013
43
$58,250
$62,910
-27.9%
2014
42
$61,937.50
$65,653.75
4.4%
2015
47
$97,000
$102,820
56.6%
2016
60
$116,100.50
$121,905.52
18.6%
2017
67
$130,000
$132,600
8.8%
2018
72
$128,000
$128,000
-3.5%
Total change in price
-26.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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