The rental market in Cherokee Woods has shown interesting trends in relation to the shifting homeownership landscape. As the percentage of renters decreased from 38% in 2013 to 30% in 2022, average rent prices experienced overall growth despite some fluctuations. The average rent rose from $906 in 2013 to $965 in 2022, with a notable peak of $1,088 in 2021. This trend indicates that despite a shrinking renter population, demand for rental properties remained strong enough to support increasing prices.

In 2023 and 2024, Cherokee Woods saw a continuation of housing market trends. The average home price in 2023 was $257,688, which increased to $259,544 in 2024. This represents a modest year-over-year growth of approximately 0.72%. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially influencing homebuying decisions in the neighborhood.

Looking ahead, predictive models suggest that average home prices in Cherokee Woods may continue to appreciate moderately over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to follow an upward trajectory, potentially surpassing $1,100 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market dynamics.

In summary, Cherokee Woods has demonstrated a strong trend towards increased homeownership, with rates rising from 61% to 70% between 2013 and 2022. This shift has occurred alongside fluctuating but generally increasing average rent prices, suggesting a robust housing market. The neighborhood's ability to maintain growth in both homeownership rates and property values, even during periods of rising interest rates, indicates a resilient and desirable local real estate market. As Cherokee Woods continues to evolve, it is likely to remain an attractive area for both homeowners and investors in the coming years.