Renter percentages in Leonidas have generally decreased as homeownership increased. In 2013, 56% of residents were renters, while by 2022, this figure had dropped to 47%. Average rent prices, however, have shown more volatility. The average rent increased from $961 in 2013 to $1,168 in 2021, a 21.5% rise. Interestingly, 2022 saw a decrease in average rent to $994, possibly due to increased housing supply or changes in local economic conditions.

Looking at the most recent data, the average home price in Leonidas decreased to $313,336 in 2023 and further to $298,374 in 2024. This downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the cooling of the housing market, making mortgages more expensive and potentially reducing demand.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Leonidas may continue to experience some downward pressure in the short term due to high interest rates. However, given the neighborhood's increasing popularity and the overall upward trend observed over the past decade, prices are likely to stabilize and potentially resume a moderate upward trajectory in the medium term. Average rent prices are expected to remain relatively stable with potential for slight increases, influenced by the balance between housing supply and demand in the area.

In summary, Leonidas has demonstrated a clear trend towards increased homeownership and significantly higher average home prices over the past decade. The recent cooling in the housing market, influenced by rising interest rates, presents a new phase in the neighborhood's real estate dynamics. These trends, combined with the area's cultural appeal and community characteristics, suggest that Leonidas will continue to evolve as a desirable residential area in New Orleans, with potential for further changes in its housing market landscape.