Renter percentages in Centerville have increased correspondingly with the decline in homeownership. In 2013, 20% of residents were renters, which rose to 32% by 2022. Average rent prices have also shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $611, which increased to $695 by 2022, representing a 13.7% increase. The population decreased from 8,048 in 2013 to 7,139 in 2022, which may have influenced the rental market dynamics.

Looking at the most recent data, average home prices in Centerville continued to rise in 2023 and 2024, reaching $203,431 and $211,294 respectively. This upward trend persists despite the significant increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and market dynamics.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Centerville will continue to rise, potentially reaching around $240,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.

In summary, Centerville has experienced a shift towards renting, with homeownership rates declining and renter percentages increasing over the past decade. Despite this trend, both average home prices and average rent prices have shown consistent growth. The town's decreasing population coupled with rising housing costs suggests a changing economic landscape that may continue to shape the local real estate market in the coming years.