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 Third Lake home prices have performed since 2008.
Third Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
14
$286,600
$335,322
-
2009
11
$245,000
$286,650
-14.5%
2010
10
$266,087.50
$303,339.75
5.8%
2011
14
$225,000
$254,250
-16.2%
2012
12
$179,900
$196,091
-22.9%
2013
24
$196,000
$211,680
7.9%
2014
23
$224,900
$238,394
12.6%
2015
24
$217,500
$230,550
-3.3%
2016
23
$224,000
$235,200
2%
2017
23
$252,900
$257,958
9.7%
2018
22
$273,950
$273,950
6.2%
Total change in price
-18.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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