Renter percentages in Gray showed an inverse relationship to homeownership rates, peaking at 49% in 2017 before declining to 21% by 2022. Average rent prices displayed volatility, rising from $639 in 2013 to $824 in 2018, then dropping to $646 in 2019 before surging to $1,046 in 2022. These fluctuations in rent prices occurred against a backdrop of changing population figures, which peaked at 3,311 in 2015 before declining to 2,268 in 2022, suggesting that local economic factors and housing supply dynamics significantly influenced rental market trends.

In 2023 and 2024, average home prices in Gray have remained relatively stable, with values of $297,649 and $297,825 respectively. This stability comes despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. The resilience of home prices in the face of rising interest rates suggests strong underlying demand for housing in the area.

Looking ahead, predictive models suggest that average home prices in Gray may continue to show moderate growth over the next five years, potentially reaching around $315,000 by 2029. Average rent prices are forecasted to stabilize and potentially increase at a slower rate, possibly reaching $1,150 by 2029. These predictions are based on current trends and assume relatively stable economic conditions.

In summary, Gray has experienced a significant shift towards homeownership in recent years, with a corresponding decrease in the rental market share. The stability of home prices in 2023 and 2024, despite rising interest rates, indicates a robust local housing market. These trends, combined with the forecasted moderate growth in both home prices and rents, suggest that Gray is likely to remain an attractive area for both homeowners and investors in the coming years.