Renter percentages in Smithfield have remained consistently high, ranging from 76% to 83% between 2013 and 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $457, which decreased to $370 in 2016 before rising again to $454 in 2022. This represents a modest overall decrease of 0.7% in average rent prices from 2013 to 2022, despite the high percentage of renters in the neighborhood. The population decline from 1,766 in 2013 to 1,304 in 2022 may have contributed to this relatively stable rent market, as decreased demand could have offset potential price increases.

Looking at more recent data, the average home price in Smithfield decreased to $42,558 in 2023 but rebounded to $46,043 in 2024. This recovery occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. This resilience in home prices suggests a strong local housing market that can withstand higher borrowing costs.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Smithfield will continue to rise, albeit at a more moderate pace. The rapid growth seen in recent years is likely to stabilize, with projected increases of 3-5% annually. Average rent prices are expected to follow a similar trajectory, with modest annual increases of 2-4%, assuming the population stabilizes or begins to grow again.

In summary, Smithfield has experienced a remarkable increase in average home prices over the past decade, despite relatively stable homeownership rates. The rental market has remained dominant, with consistently high percentages of renters, while average rent prices have shown resilience in the face of population decline. The neighborhood's ability to maintain and even increase property values, despite rising interest rates, indicates a robust local real estate market with potential for continued growth in both the homeownership and rental sectors.