The rental market in Salem Village has shown an inverse relationship to homeownership trends. The renter population increased from 38% in 2013 to a peak of 48% in 2018, before decreasing slightly to 41% in 2022. Average rent prices generally trended upward during this period, with some fluctuations. From $897 in 2013, rent prices rose to $1,072 in 2019, a 19.5% increase, before slightly declining to $1,002 in 2022. These rent price trends may be influenced by factors such as changes in housing supply, local economic conditions, and the neighborhood's stable population of around 6,000 residents. Recent data shows continued growth in Salem Village's real estate market. Average home prices reached $233,579 in 2023 and further increased to $244,959 in 2024, representing a 9.3% rise from 2022 to 2024. Federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.

Predictive models for the next five years suggest continued appreciation of home values in Salem Village, albeit potentially at a slower rate due to higher interest rates. Projections indicate that by 2029, average home prices could reach approximately $300,000 to $320,000, representing a 22% to 31% increase from 2024 levels. Average rent prices are expected to follow a similar upward trend, potentially reaching $1,200 to $1,300 per month by 2029, reflecting a 20% to 30% increase from 2022 levels.

In conclusion, Salem Village has experienced a remarkable increase in property values over the past decade, with average home prices more than doubling. While homeownership rates initially declined, they have shown signs of recovery in recent years. Rent prices have generally increased but at a more moderate pace compared to home values. The neighborhood's real estate market appears resilient, with continued growth expected in both home values and rent prices over the next five years, although this growth may be tempered by higher interest rates.