If you look at the Ames School District boundaries (Iowa Dept of Education), there's no land new residential development within its boundaries. So, the City of Ames is growing, but within other school districts, almost entirely Gilbert. Without ongoing new residential development, residential neighborhoods that are approaching 10 years old begin transitioning into empty nester neighborhoods: Dad and Mom are still there, but the 2+ kiddies have gone off to college or green pastures. Families who move into new neighborhoods all tend to be about the same age, with roughly children who are roughly the same age.
Eventually SOME empty nesters move out, or die, and are replaced by families with students, but that may take another 20 years for the neighborhood to turn over, depending on the type of housing, ie the "ultimate dream homes" take a long time, starter or "step up" homes not as long.
So, one should expect a continuing drop for another decade or so, not as steep probably more of a bell curve. But, not likely to EVER reach a new peak, unless one of the adjoining school districts agrees with the Ames District on a boundary change: has to be mutual. That doesn't happen often, but can.