Renter percentages in Seymour have shown a corresponding decline as homeownership rates increased. The percentage of renters decreased from 26% in 2013 to 21% in 2022. Interestingly, average rent prices have generally increased during this period, rising from $841 in 2013 to $914 in 2022, an 8.7% increase. This trend suggests that despite rising rent prices, fewer residents are choosing to rent, possibly due to the attractiveness of homeownership in the area or the availability of affordable home purchasing options.

In 2023 and 2024, Seymour has continued to see growth in average home prices. The average home price reached $338,557 in 2023 and further increased to $352,404 in 2024, representing a 3.9% and 4.1% year-over-year increase, respectively. These increases have occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has maintained momentum even in the face of higher borrowing costs.

Looking ahead, predictive models forecast continued growth in both average home prices and average rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $420,000 by 2029. Average rent prices are expected to rise at a slightly slower pace, potentially increasing by 2-3% annually, which could result in average rents approaching $1,050 by 2029.

In summary, Seymour has demonstrated a strong trend towards homeownership, with increasing rates despite rising home prices. The community has shown resilience in the face of fluctuating interest rates, maintaining growth in both homeownership and property values. While the rental market has seen fewer participants, rent prices have generally trended upward. These trends point to a robust and desirable housing market in Seymour, with continued growth expected in both the ownership and rental sectors in the coming years.