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 Royal Lakes home prices have performed since 2009.
Royal Lakes historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2009
4
$21,262
$24,876.54
-
2012
2
$4,550
$4,959.50
-80.1%
2013
1
$11,836
$12,782.88
157.7%
2014
3
$27,500
$29,150
128%
2015
2
$63,000
$66,780
129.1%
2016
1
$1,500
$1,575
-97.6%
2017
1
$6,000
$6,120
288.6%
2018
1
$15,000
$15,000
145.1%
Total change in price
-39.7%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up