The rental market in Armonk, while small, has seen significant changes in average rent prices. In 2013, the average rent was $1,879, which increased to $2,045 in 2014. A notable jump occurred in 2017 when the average rent rose to $2,506. By 2022, the average rent had reached $2,803, representing a 49.2% increase from 2013. Despite these rising rents, the percentage of renters has remained relatively low, fluctuating between 6% and 10% over the same period. This suggests that the limited rental market in Armonk is primarily serving a small, potentially more affluent, segment of the population.

In 2023, the average home price in Armonk decreased to $1,502,028, a 5.1% drop from the previous year. This trend continued into 2024, with a slight increase to $1,524,215. Notably, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the moderation in home prices, potentially making financing more challenging for some buyers.

Looking ahead, predictive models suggest that average home prices in Armonk may continue to experience moderate growth over the next five years, potentially reaching around $1.7 million by 2029. Average rent prices are also expected to increase, potentially surpassing $3,200 by 2029. These projections are based on historical trends and current market conditions.

In summary, Armonk (zip code 10504) has maintained a consistently high rate of homeownership despite significant fluctuations in average home prices. The area has seen substantial increases in both home values and rent prices over the past decade, with recent moderation likely influenced by rising interest rates. The rental market remains a small but growing segment, with average rents increasing at a faster rate than home prices. As we move forward, Armonk is likely to continue its trend of high homeownership rates and increasing property values, albeit potentially at a more moderate pace.