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 Grayslake home prices have performed since 2008.
Grayslake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
309
$250,000
$292,500
-
2009
221
$214,000
$250,380
-14.4%
2010
198
$196,000
$223,440
-10.8%
2011
216
$159,950
$180,743.50
-19.1%
2012
277
$148,000
$161,320
-10.7%
2013
361
$157,900
$170,532
5.7%
2014
348
$195,000
$206,700
21.2%
2015
346
$196,000
$207,760
0.5%
2016
474
$175,000
$183,750
-11.6%
2017
466
$208,000
$212,160
15.5%
2018
440
$205,818
$205,818
-3%
Total change in price
-29.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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