Regarding rental trends, the percentage of renters in Graysville has generally decreased from 39% in 2013 to 33% in 2022. Despite this decline in the renter population, average rent prices have shown a steady increase. In 2013, the average rent was $592, which rose to $844 by 2022, representing a 42.6% increase over nine years. This upward trend in rent prices, despite a decreasing renter population, may indicate a tightening rental market or an increase in the quality of available rental properties.

Looking at the most recent data, the average home price in Graysville was $123,372 in 2023 and increased to $132,610 in 2024, showing a 7.5% year-over-year growth. This increase occurred despite the federal interest rate rising from 5.02% in 2023 to 5.33% in 2024, suggesting strong demand in the local housing market that outweighed the impact of higher borrowing costs.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Graysville will continue to rise, albeit at a potentially slower rate due to the current high interest rate environment. We project that by 2029, average home prices could reach approximately $160,000 to $170,000, assuming a moderate annual growth rate of 4-5%. For rent prices, we expect the upward trend to continue, potentially reaching an average of $1,000 to $1,100 per month by 2029, based on the historical growth rate and accounting for potential market adjustments.

In summary, Graysville has experienced an overall increase in homeownership rates from 2013 to 2022, coinciding with a period of low interest rates. The rental market has seen a decrease in the percentage of renters but a significant increase in average rent prices. Recent data shows continued growth in home prices despite rising interest rates, indicating a robust local real estate market. These trends suggest a growing preference for homeownership in Graysville, coupled with increasing property values and rental costs.