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 Lily Lake home prices have performed since 2007.
Lily Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
18
$400,000
$472,000
-
2008
14
$370,000
$414,400
-12.2%
2009
13
$444,000
$506,160
22.1%
2010
11
$320,000
$358,400
-29.2%
2011
11
$380,000
$414,200
15.6%
2012
11
$30,000
$32,100
-92.3%
2013
31
$262,500
$275,625
758.6%
2014
22
$210,500
$216,815
-21.3%
2015
29
$345,000
$355,350
63.9%
2016
20
$310,500
$316,710
-10.9%
2017
19
$231,900
$231,900
-26.8%
Total change in price
-50.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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