The rental market in Cobbs Creek also changed notably. The percentage of renters increased from 41% in 2013 to 49% in 2022, while average rent prices rose modestly from $957 to $965. This relatively small increase in rent prices, compared to the significant jump in home values, may have contributed to the shift towards renting. The neighborhood's population remained relatively stable during this period, fluctuating between 38,910 and 40,303 residents.

In 2023 and 2024, the housing market in Cobbs Creek showed signs of cooling. Average home prices decreased to $137,494 in 2023 and $137,060 in 2024. This decline coincided with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the moderation in home prices by reducing affordability for potential buyers.

Predictive models suggest that average home prices in Cobbs Creek may stabilize or experience modest growth over the next five years, assuming interest rates remain elevated. Average rent prices are projected to continue their gradual upward trend, potentially reaching around $1,100 to $1,200 per month by 2029. However, these projections are subject to change based on broader economic conditions and local market factors.

In conclusion, Cobbs Creek has undergone a significant transformation in its housing landscape over the past decade. The shift from homeownership to renting, along with substantial increases in home values and modest rises in rent prices, reflects the neighborhood's evolving economic dynamics. The recent cooling of the housing market, influenced by rising interest rates, marks a new phase in Cobbs Creek's real estate trajectory, potentially offering new opportunities and challenges for both residents and investors in the coming years.