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 Lake Holiday home prices have performed since 2008.
Lake Holiday historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
49
$193,000
$225,810
-
2009
40
$178,250
$208,552.50
-7.6%
2010
47
$168,000
$191,520
-8.2%
2011
28
$180,750
$204,247.50
6.6%
2012
44
$150,000
$163,500
-20%
2013
67
$155,778.51
$168,240.79
2.9%
2014
58
$161,000
$170,660
1.4%
2015
95
$170,000
$180,200
5.6%
2016
81
$179,000
$187,950
4.3%
2017
96
$184,450
$188,139
0.1%
2018
74
$206,500
$206,500
9.8%
Total change in price
-8.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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