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 of the Woods home prices have performed since 2007.
Lake of the Woods historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
35
$154,000
$181,720
-
2008
29
$155,000
$173,600
-4.5%
2009
21
$154,075
$175,645.50
1.2%
2010
36
$138,000
$154,560
-12%
2011
36
$142,000
$154,780
0.1%
2012
22
$152,500
$163,175
5.4%
2013
34
$133,625
$140,306.25
-14%
2014
33
$179,900
$185,297
32.1%
2015
41
$146,500
$150,895
-18.6%
2016
37
$176,000
$179,520
19%
2017
35
$187,500
$187,500
4.4%
Total change in price
3.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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