Conversely, the percentage of renters in Elkville has increased from 25% in 2013 to 34% in 2022. This rise in renter-occupied housing has been accompanied by a general upward trend in average rent prices. In 2013, the average rent was $639, which increased to $671 by 2022, representing a 5% increase over nine years. The population of Elkville peaked in 2015 at 2,262 residents but has since declined to 1,700 in 2022, which may have influenced the rental market dynamics.

Looking at the most recent data, the average home price in Elkville reached $81,273 in 2023, showing continued appreciation. However, in 2024, there was a notable decrease to $74,004, a drop of nearly 9%. This decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates likely contributed to the cooling of the housing market and the decrease in average home prices.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Elkville may continue to face downward pressure in the short term due to the current high interest rate environment. However, as the market adjusts, prices could stabilize and potentially see modest growth in the latter part of the 5-year period. For rent prices, the trend suggests a continued gradual increase, potentially reaching around $700-$725 by the end of the 5-year forecast, assuming consistent economic conditions and local population trends.

In summary, Elkville has experienced a shift towards a higher proportion of renters over the past decade, with a corresponding decline in homeownership rates. Average home prices have shown volatility, particularly with the recent decrease in 2024, while rent prices have seen a steady but modest increase. The interplay between interest rates, local population changes, and broader economic factors will likely continue to shape the housing market in this Illinois community in the coming years.