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 Summerset home prices have performed since 2008.
Lake Summerset historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2008
13
$162,000
$181,440
-
2009
16
$152,000
$173,280
-4.5%
2010
17
$115,000
$128,800
-25.7%
2011
16
$127,500
$138,975
7.9%
2012
21
$140,000
$149,800
7.8%
2013
39
$132,000
$138,600
-7.5%
2014
26
$150,250
$154,757.50
11.7%
2015
35
$147,500
$151,925
-1.8%
2016
36
$144,500
$147,390
-3%
2017
42
$154,950
$154,950
5.1%
Total change in price
-14.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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