The rental market in Norwood Park East has experienced some fluctuations over the years. In 2013, the renter-occupied rate was 27% with an average rent of $1,239. By 2022, the renter percentage had slightly decreased to 25%, while the average rent showed modest growth to $1,223. A notable spike in the renter percentage occurred in 2019, reaching 34%, which corresponded with a dip in average rent to $1,172. This could be attributed to temporary increases in rental inventory or specific economic factors affecting the local housing market at that time. Recent data shows that average home prices in Norwood Park East continued to rise in 2023 and 2024, reaching $369,706 and $388,312 respectively. This upward trend persisted despite significant increases in federal interest rates to 5.02% in 2023 and 5.33% in 2024, indicating strong demand for housing in the neighborhood even in a higher interest rate environment. Predictive models for the next five years suggest that average home prices in Norwood Park East will continue to appreciate, though potentially at a slower rate due to higher interest rates. Average rent prices are expected to maintain a steady upward trajectory, influenced by the neighborhood's desirability and overall housing market conditions in Chicago. In conclusion, Norwood Park East has shown remarkable stability and growth in its real estate market over the past decade. The neighborhood has successfully navigated changes in both the homeownership and rental sectors, maintaining its appeal to residents. As we look to the future, the interplay between interest rates, housing demand, and broader economic factors will continue to shape the real estate landscape in this resilient Chicago neighborhood.