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 Round Lake home prices have performed since 2008.
Round Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
147
$195,000
$228,150
-
2009
166
$168,610
$197,273.70
-13.5%
2010
175
$165,000
$188,100
-4.7%
2011
158
$133,050
$150,346.50
-20.1%
2012
172
$140,000
$152,600
1.5%
2013
240
$144,950
$156,546
2.6%
2014
215
$171,500
$181,790
16.1%
2015
234
$180,000
$190,800
5%
2016
254
$174,000
$182,700
-4.2%
2017
268
$194,950
$198,849
8.8%
2018
274
$202,500
$202,500
1.8%
Total change in price
-11.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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