The rental market in Blue Mound has also seen significant changes. The percentage of renters increased slightly from 16% in 2013 to 15% in 2022. This small shift was accompanied by a substantial rise in average rent prices. In 2013, the average rent was $542, which increased to $880 by 2022, representing a 62.4% increase over nine years. This rise in rent prices outpaced the growth in average home prices during the same period.

Looking at the most recent data, the average home price in Blue Mound slightly decreased from $121,675 in 2022 to $121,501 in 2023, showing a marginal 0.14% decline. However, 2024 saw a significant rebound with average home prices reaching $131,762, an 8.4% increase from the previous year. This increase occurred despite the federal interest rate rising to 5.33% in 2024, suggesting strong local market factors influencing home values.

Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices in Blue Mound. Average home prices are projected to reach approximately $150,000 by 2029, representing a 13.8% increase from 2024 levels. Average rent prices are expected to follow a similar upward trajectory, potentially reaching around $1,100 per month by 2029, a 25% increase from 2022 levels.

In summary, Blue Mound in zip code 62513 has demonstrated a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. Despite fluctuations in federal interest rates, the community has maintained strong homeownership levels. The rental market, while smaller, has seen more dramatic price increases, potentially reflecting growing demand for rental properties. These trends, combined with recent price surges and projected growth, suggest a dynamic and resilient housing market in this Illinois village for the foreseeable future.