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 El Paso home prices have performed since 2008.
El Paso historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
42
$101,089.50
$118,274.71
-
2009
44
$92,250
$107,932.50
-8.7%
2010
41
$104,800
$119,472
10.7%
2011
43
$95,000
$107,350
-10.1%
2012
39
$102,000
$111,180
3.6%
2013
50
$107,000
$115,560
3.9%
2014
54
$116,000
$122,960
6.4%
2015
37
$95,000
$100,700
-18.1%
2016
61
$95,250
$100,012.50
-0.7%
2017
52
$112,500
$114,750
14.7%
2018
31
$95,000
$95,000
-17.2%
Total change in price
-19.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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