Renter Percentages and Housing Market Shifts Renter percentages in Exeter showed an inverse relationship to homeownership rates, decreasing as homeownership increased. The renter percentage rose from 23% in 2013 to a peak of 30% in 2016, coinciding with the lowest average rent of $708. Subsequently, as homeownership rates climbed, the renter percentage declined to 19% by 2022, despite the average rent increasing to $855. This trend indicates that factors beyond rent prices, such as local economic conditions or housing availability, may have influenced the shift towards homeownership. Recent Home Price Trends In 2023 and 2024, Exeter experienced a notable increase in average home prices. The average home price in 2023 was $210,689, rising to $211,784 in 2024, representing a year-over-year increase of approximately 0.5%. This upward trend in home prices occurred despite federal interest rates reaching 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the rates seen in previous years. Future Projections Based on the observed trends and current market conditions, it is projected that average home prices in Exeter will continue to rise moderately over the next five years. The steady increase in homeownership rates and the recent uptick in home values suggest a continued demand for housing in the area. Average rent prices are also expected to follow an upward trajectory, albeit at a slower pace, as the reduced renter population may limit dramatic increases in rental costs. Summary Exeter has experienced a significant shift towards homeownership over the past decade, with rates increasing from 74% to 81% between 2013 and 2022. This trend occurred despite fluctuations in average rent prices and rising federal interest rates. The recent increase in average home prices, coupled with high homeownership rates, indicates a strong local housing market. These trends suggest that Exeter may continue to see growth in property values and a preference for homeownership among its residents in the coming years.