Renter percentages in Avondale have shown an inverse relationship to homeownership rates, decreasing from 55% in 2013 to 52% in 2022. Despite this decrease, average rent prices rose consistently, from $1,084 in 2013 to $1,372 in 2022, a 26.6% increase. This suggests strong demand for rental properties in the area, possibly driven by factors such as population growth or increasing neighborhood desirability.

In 2023 and 2024, Avondale's housing market showed signs of stabilization. The average home price in 2023 was $436,800, slightly decreasing from 2022, but rebounding to $444,845 in 2024. This minor fluctuation occurred against the backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the temporary dip in home prices in 2023, as higher borrowing costs typically moderate housing demand.

Predictive models suggest a continued but moderate upward trend in both average home prices and rent prices over the next five years. Home prices are projected to increase by approximately 2-3% annually, potentially reaching around $500,000 by 2029. Rent prices are expected to follow a similar trajectory, with annual increases of 3-4%, potentially surpassing $1,600 per month by 2029.

In summary, Avondale has demonstrated resilience and growth in its housing market. The neighborhood has seen a gradual increase in homeownership, substantial appreciation in property values, and steady growth in rental prices. These trends, coupled with the area's ability to maintain stability even in the face of rising interest rates, suggest a robust and desirable housing market in Avondale for the foreseeable future.