Renter percentages in Towne Village have inversely mirrored the homeownership trends, increasing from 13% in 2013 to 24% in 2022. Interestingly, average rent prices have shown considerable volatility. From 2013 to 2017, average rents decreased from $1,116 to $910. However, there was a sharp decline to $358 in 2018, followed by a dramatic increase to $1,661 by 2022. This volatility in rent prices, especially the sharp increase in recent years, may be attributed to factors such as increased demand for rentals as homeownership rates declined, or improvements in rental property quality.

In 2023 and 2024, we see a continuation of the upward trend in average home prices, reaching $323,030 in 2023 and $330,508 in 2024. This represents a modest but steady increase from the 2022 figures. Concurrently, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.

Looking ahead, based on the historical data and current trends, we can project that average home prices in Towne Village are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices, given their recent sharp increase, may stabilize or see more moderate growth. However, if homeownership rates continue to decline due to high interest rates and increasing home prices, we might see sustained pressure on rental prices.

In summary, Towne Village has experienced a gradual shift from a predominantly owner-occupied neighborhood to one with an increasing renter population. This transition has occurred alongside substantial increases in property values and recent volatility in rent prices. The interplay between federal interest rates, home prices, and rental market dynamics will likely continue to shape the neighborhood's real estate landscape in the coming years.