Renter percentages in South Dennis have shown an inverse relationship to homeownership rates, naturally. The rental market has seen its own set of trends. In 2013, 21% of the population were renters, with an average rent of $1,103. By 2022, the renter percentage had decreased slightly to 20%, while the average rent had increased to $1,139. Interestingly, there was a peak in average rent in 2021 at $1,416, coinciding with a higher renter percentage of 23%, possibly reflecting increased demand for rental properties during that period.

Moving to more recent data, in 2023, the average home price in South Dennis reached $595,752, a 5.4% increase from 2022. This growth occurred despite a significant rise in federal interest rates to 5.02%. In 2024, the average home price further increased to $626,389, representing a 5.1% year-over-year growth, with interest rates slightly higher at 5.33%. This continued price appreciation, even in the face of higher interest rates, suggests strong demand and limited supply in the local housing market.

Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in South Dennis could potentially reach around $800,000 by 2029, assuming an average annual growth rate of 5%. For average rent prices, if they follow a similar pattern to recent years, they could potentially increase to approximately $1,300-$1,400 per month by 2029, factoring in periodic fluctuations and market adjustments.

In summary, South Dennis has demonstrated a resilient housing market with steadily increasing average home prices and relatively stable homeownership rates. The interplay between federal interest rates, homeownership, and rental markets has been evident, with recent years showing continued growth despite rising interest rates. The community's desirable coastal location likely contributes to its strong housing demand, which is expected to persist in the coming years.