Over the last 10 years, what has been the average appreciation rate in Carmel? A) -2% B) 6% C) 11% D) 17% The answer is C, 11% (1Q 1998 median price was $450,000 and 3Q 2008 median price was $1,457,500). That’s a pretty healthy return on your money, especially considering the S&P stock index averaged a paltry 3.9% return in the same time period. Can we expect 11% returns for the next 10 years? Probably not, but most folks would have bet against these kinds of returns on real estate 10 years ago too. The bottom line is that Carmel homes are in great demand and will be for the foreseeable future, and great demand has historically driven healthy appreciation.