To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 5 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 2.47 percent annually since 2000.
The average effective property tax rate in Illinois was 2.3 percent in 2017, according to the Illinois Policy Institute.
Here's how Lake in the Hills home prices have performed since 2007.
Lake in the Hills historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
550
$236,000
$278,480
-
2008
391
$213,000
$238,560
-14.3%
2009
395
$190,000
$216,600
-9.2%
2010
311
$182,000
$203,840
-5.9%
2011
347
$168,000
$183,120
-10.2%
2012
401
$148,000
$158,360
-13.5%
2013
580
$155,255
$163,017.75
2.9%
2014
479
$160,174.50
$164,979.73
1.2%
2015
492
$189,000
$194,670
18%
2016
591
$195,000
$198,900
2.2%
2017
700
$205,000
$205,000
3.1%
Total change in price
-26.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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