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 Heights home prices have performed since 2008.
Round Lake Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
34
$163,750
$191,587.50
-
2009
27
$144,400
$168,948
-11.8%
2010
29
$138,364
$157,734.96
-6.6%
2011
27
$85,000
$96,050
-39.1%
2012
32
$112,000
$122,080
27.1%
2013
38
$73,252.50
$79,112.70
-35.2%
2014
24
$49,000
$51,940
-34.3%
2015
35
$127,000
$134,620
159.2%
2016
33
$118,050
$123,952.50
-7.9%
2017
42
$150,502
$153,512.04
23.8%
2018
41
$185,000
$185,000
20.5%
Total change in price
-3.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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