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 Island Lake home prices have performed since 2008.
Island Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
28
$188,450
$220,486.50
-
2009
20
$115,000
$134,550
-39%
2010
18
$135,000
$153,900
14.4%
2011
21
$112,000
$126,560
-17.8%
2012
36
$117,950
$128,565.50
1.6%
2013
41
$135,250
$146,070
13.6%
2014
42
$150,000
$159,000
8.9%
2015
46
$176,500
$187,090
17.7%
2016
46
$183,500
$192,675
3%
2017
55
$183,000
$186,660
-3.1%
2018
46
$196,500
$196,500
5.3%
Total change in price
-10.9%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up