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 Ka-Ho home prices have performed since 2008.
Lake Ka-Ho historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
3
$19,000
$22,230
-
2009
7
$26,500
$31,005
39.5%
2010
3
$60,000
$68,400
120.6%
2011
5
$40,000
$45,200
-33.9%
2012
3
$29,000
$31,610
-30.1%
2013
2
$38,000
$41,040
29.8%
2014
4
$17,500
$18,550
-54.8%
2015
3
$40,000
$42,400
128.6%
2016
6
$48,250
$50,662.50
19.5%
2017
4
$24,250
$24,735
-51.2%
2018
4
$44,250
$44,250
78.9%
Total change in price
99.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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