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 Forest Lake home prices have performed since 2008.
Forest Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
22
$324,737.49
$379,942.86
-
2009
21
$175,900
$205,803
-45.8%
2010
32
$252,500
$287,850
39.9%
2011
26
$229,900
$259,787
-9.7%
2012
16
$155,000
$168,950
-35%
2013
38
$233,500
$252,180
49.3%
2014
29
$265,000
$280,900
11.4%
2015
24
$266,000
$281,960
0.4%
2016
32
$256,000
$268,800
-4.7%
2017
27
$280,000
$285,600
6.2%
2018
25
$202,000
$202,000
-29.3%
Total change in price
-46.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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