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 Lakemoor home prices have performed since 2008.
Lakemoor historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
30
$191,737.50
$224,332.87
-
2009
20
$209,000
$244,530
9%
2010
22
$130,000
$148,200
-39.4%
2011
29
$148,000
$167,240
12.8%
2012
44
$134,000
$146,060
-12.7%
2013
42
$157,625.50
$170,235.54
16.6%
2014
42
$175,000
$185,500
9%
2015
37
$173,000
$183,380
-1.1%
2016
29
$189,444
$198,916.20
8.5%
2017
51
$169,900
$173,298
-12.9%
2018
38
$165,000
$165,000
-4.8%
Total change in price
-26.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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