Renter percentages in Govalle have mirrored the homeownership trends, remaining between 44% and 47% from 2013 to 2022. Average rent prices have shown volatility but an overall upward trend. In 2013, the average rent was $954, which increased to $1,462 by 2018, representing a 53% jump in just five years. However, rent prices then fluctuated, dropping to $1,226 in 2020 before rising again to $1,306 in 2022. This trend suggests that while home prices have consistently increased, rent prices have been more responsive to short-term market conditions and the growing population, which rose from 4,862 in 2010 to 6,135 in 2022.

The years 2023 and 2024 have brought interesting developments to Govalle's housing market. Average home prices decreased from the 2022 peak of $711,246 to $646,923 in 2023 and further to $636,485 in 2024. This represents a 10.5% decrease over two years, indicating a cooling in the market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which likely contributed to the moderation in home prices.

Looking ahead, predictive models suggest that average home prices in Govalle may continue to stabilize or experience modest growth over the next five years, given the current higher interest rate environment. Average rent prices are projected to increase steadily, driven by population growth and potential shifts from homeownership to renting due to higher mortgage rates. However, the rate of increase is expected to be more moderate compared to the rapid rises seen in the early 2020s.

In summary, Govalle has witnessed substantial appreciation in home values over the past decade, with a recent cooling trend. Homeownership rates have remained relatively stable despite these price increases. Rent prices have shown more volatility but maintain an upward trajectory. The interplay between federal interest rates, population growth, and housing affordability will continue to shape Govalle's real estate market in the coming years.