Recent data shows that average home prices in Erskine Park continued to rise, reaching $142,124 in 2023 and $146,921 in 2024, representing a 10.3% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership rates and property values in the neighborhood. Predictive models forecasting 5-year trends anticipate that average home prices in Erskine Park will continue to appreciate, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $170,000 to $180,000. Rent prices are expected to stabilize and gradually increase, potentially reaching an average of $900 to $950 per month by 2029. However, these projections are subject to various economic factors and local market conditions.

In summary, Erskine Park has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. The neighborhood has demonstrated resilience in its housing market, with property values showing consistent appreciation. While rental trends have been more volatile, they appear to be stabilizing. The recent rise in interest rates may influence future homeownership patterns, but the strong upward trajectory of home values suggests continued desirability of the neighborhood for both homeowners and investors.