The rental market in Shelbyville has shown interesting trends as well. The percentage of renter-occupied housing units decreased from 27% in 2013 to 21% in 2019, remaining stable through 2020 before slightly increasing to 23% in 2022. Average rent prices, however, have seen significant fluctuations. From 2013 to 2018, average rent remained relatively stable, ranging from $279 to $298 per month. However, there was a dramatic increase in 2019, with average rent jumping to $662, a 125.9% increase from the previous year. This trend continued, with average rent reaching $666 in 2022.

In 2023, the average home price in Shelbyville reached $195,319, showing a continued upward trend. The federal interest rate also saw a significant increase to 5.02% in 2023. Moving into 2024, the average home price has further increased to $209,771, while the federal interest rate has slightly risen to 5.33%. These figures indicate a continuing strong housing market despite higher interest rates.

Looking ahead, based on the observed trends, we can predict that average home prices in Shelbyville will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $240,000 to $250,000 by 2029. Average rent prices, which have stabilized in recent years, may see moderate increases, potentially reaching $700 to $750 per month in the next five years.

In summary, Shelbyville has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. The rental market has seen a decrease in the proportion of renters, coupled with a significant jump in average rent prices. These trends, combined with the recent increases in federal interest rates, suggest a dynamic and evolving housing market in Shelbyville, with continued growth expected in both home prices and rent in the coming years.