Conversely, the percentage of renters in Southgate Triangle has increased from 57% in 2013 to 65% in 2022. This rise in renters corresponds with a significant increase in average rent prices, which rose from $708 per month in 2013 to $1,053 in 2022, representing a 49% increase. The population of the neighborhood also grew during this period, from 2,923 in 2013 to 3,327 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.

Looking at the most recent data for 2023 and 2024, we see that the upward trend in average home prices has continued, albeit at a slower pace. The average home price in Southgate Triangle reached $480,693 in 2023 and further increased to $491,757 in 2024. This represents a modest growth of 3.5% from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slower growth in home prices.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Southgate Triangle will continue to rise, but at a more moderate pace compared to the rapid growth seen in the past decade. We expect average home prices to reach approximately $550,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching around $1,300 per month by 2029.

In summary, Southgate Triangle has undergone significant changes in its housing market over the past decade. The neighborhood has seen a shift towards a higher proportion of renters, coupled with substantial increases in both average home prices and average rent prices. The recent slowdown in home price growth, combined with rising interest rates, suggests a potential stabilization in the market. However, the continued population growth and the overall desirability of the area indicate that both home prices and rent prices are likely to continue their upward trajectory, albeit at a more moderate pace in the coming years.