Renter percentages in Jasper have shown a slight decline, moving from 28% in 2013 to 27% in 2022. This decrease in renter occupancy has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $602. It peaked at $748 in 2016 before declining to $649 in 2018. By 2022, the average rent had risen again to $734, representing a 22% increase from 2013 to 2022. These fluctuations in rent prices may be influenced by changes in local economic conditions and housing supply.

In 2023 and 2024, Jasper's housing market continued to evolve. The average home price in 2023 reached $208,943, a 2% increase from 2022. In 2024, it further increased to $210,592, showing a slower growth rate of 0.8%. These price increases occurred despite rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests that local demand for housing in Jasper remains strong, potentially driven by factors such as job growth or quality of life considerations.

Looking ahead, based on the trends observed, we can forecast the following for the next five years: Average home prices are likely to continue their upward trajectory, albeit at a potentially slower pace. We might expect prices to reach around $225,000 to $230,000 by 2029. Average rent prices may also continue to increase, possibly reaching $800 to $850 by 2029, assuming the current trend continues. Homeownership rates are likely to remain stable or increase slightly, potentially reaching 74-75% by 2029.

In summary, Jasper's housing market has demonstrated resilience and growth over the past decade. The city has maintained a high rate of homeownership while experiencing significant increases in average home prices. Rent prices have also shown an overall upward trend, albeit with some fluctuations. These trends, combined with the city's ability to sustain price growth even in the face of rising interest rates, suggest a robust local housing market with potential for continued growth in the coming years.