Conversely, the rental market in Elkmont has shown some fluctuations. The percentage of renters decreased from 22% in 2015 to 16% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend, albeit with some volatility. Average rent increased from $613 in 2015 to $818 in 2022, a 33% rise. This increase in rent prices, despite a decreasing renter population, could be attributed to factors such as improved rental property quality or limited rental inventory in the area.

In 2023 and 2024, the housing market in Elkmont continued to evolve. The average home price reached $247,815 in 2023 and further increased to $255,375 in 2024, showing a continued upward trajectory. This rise occurred despite a significant increase in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homebuying activity and price growth.

Looking ahead, predictive models suggest that the average home prices in Elkmont may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, reflecting ongoing demand for rental properties despite the strong homeownership trend. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.

In summary, Elkmont has experienced a robust increase in homeownership rates and average home prices over the past decade, influenced by favorable interest rates and local market conditions. The rental market, while shrinking in terms of population, has seen rising average rents. The recent uptick in interest rates and continued home price appreciation suggest a potential shift in market dynamics, which may lead to more balanced growth in both the homeownership and rental sectors in the coming years.