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 Candlewick Lake home prices have performed since 2008.
Candlewick Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
181
$122,000
$142,740
-
2009
246
$91,709
$107,299.53
-24.8%
2010
166
$78,013.50
$88,935.39
-17.1%
2011
124
$70,000
$79,100
-11.1%
2012
123
$68,200
$74,338
-6%
2013
139
$69,475
$75,033
0.9%
2014
93
$84,950
$90,047
20%
2015
106
$106,500
$112,890
25.4%
2016
96
$113,250
$118,912.50
5.3%
2017
106
$105,000
$107,100
-9.9%
2018
85
$135,900
$135,900
26.9%
Total change in price
-4.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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