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 Crystal Lake home prices have performed since 2008.
Crystal Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
442
$202,000
$236,340
-
2009
445
$183,000
$214,110
-9.4%
2010
389
$175,500
$200,070
-6.6%
2011
376
$155,000
$175,150
-12.5%
2012
528
$140,000
$152,600
-12.9%
2013
760
$146,000
$157,680
3.3%
2014
666
$162,750
$172,515
9.4%
2015
651
$172,000
$182,320
5.7%
2016
784
$183,000
$192,150
5.4%
2017
809
$195,000
$198,900
3.5%
2018
834
$204,000
$204,000
2.6%
Total change in price
-13.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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