Rental trends in Fern Rock have shown interesting patterns. The percentage of renters decreased from 57% in 2015 to 47% in 2021, inversely mirroring the homeownership trend. Despite this decrease in the renter population, average rent prices steadily increased from $888 in 2013 to $1,056 in 2021, a 19% increase over eight years. This upward trend in rent prices, despite a declining renter population, suggests a tightening rental market with potentially higher-quality or more desirable rental properties becoming available.

Recent data reveals a shift in Fern Rock's housing market. The average home price decreased significantly from $178,913 in 2022 to $157,215 in 2023, a 12.1% drop, and further declined to $151,444 in 2024. This downward trend coincides with a sharp increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates may have contributed to cooling the housing market by making mortgages less affordable and potentially reducing demand.

Predictive models forecast that average home prices in Fern Rock may stabilize and potentially see modest growth over the next five years as the market adjusts to higher interest rates. Rent prices are expected to continue their upward trajectory, albeit at a more moderate pace, driven by ongoing demand for rental properties in urban areas.

In conclusion, Fern Rock has experienced significant changes in its real estate landscape from 2015 to 2024. The neighborhood saw a notable increase in homeownership rates and average home prices from 2015 to 2021, likely influenced by low interest rates. However, recent data indicates a cooling trend in the housing market, coinciding with rising interest rates. The rental market has maintained consistent price increases despite fluctuations in the renter population. These trends reflect the complex interplay of economic factors and local market conditions shaping Fern Rock's real estate dynamics.