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 Park home prices have performed since 2008.
Round Lake Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
61
$125,250
$146,542.50
-
2009
53
$84,000
$98,280
-32.9%
2010
53
$64,000
$72,960
-25.8%
2011
50
$45,100
$50,963
-30.1%
2012
56
$45,500
$49,595
-2.7%
2013
87
$45,066.50
$48,671.82
-1.9%
2014
74
$66,500
$70,490
44.8%
2015
80
$66,325
$70,304.50
-0.3%
2016
86
$77,500
$81,375
15.7%
2017
73
$100,000
$102,000
25.3%
2018
58
$122,312.50
$122,312.50
19.9%
Total change in price
-16.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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