As homeownership rates declined in Greenwich Hills, renter percentages naturally increased, showing an inverse relationship. The renter percentage rose from 34% in 2014 to 53% by 2022. Interestingly, despite the growing renter population, average rent prices have not shown dramatic increases. In 2013, the average rent was $797, and by 2022 it had only increased to $816, representing a modest 2.4% rise over nine years. This relatively stable rent trend, despite increasing demand, could be attributed to various factors such as local economic conditions or housing policies. Recent data shows that average home prices in Greenwich Hills continued to rise in 2023 and 2024. The average home price reached $136,412 in 2023 and further increased to $138,717 in 2024, representing a 10.3% increase from 2022 to 2024. Notably, federal interest rates also saw a significant jump, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen in over a decade.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Greenwich Hills will continue to rise, albeit at a more moderate pace. Given the recent steep increases and higher interest rates, the growth rate is expected to slow down, potentially reaching around $150,000 to $160,000 by 2029. For rent prices, the forecast suggests a gradual increase, potentially reaching $850 to $900 by 2029, assuming current trends and economic conditions persist.

In conclusion, Greenwich Hills has experienced a significant shift towards a renter-majority population over the past decade, with homeownership rates declining from 66% to 47% between 2014 and 2022. Despite this trend, average home prices have shown strong growth, particularly in recent years, rising from $76,483 in 2014 to $138,717 in 2024. Rent prices have remained relatively stable, with only modest increases. The neighborhood's housing market appears resilient, with continued price appreciation even in the face of rising interest rates and changing ownership dynamics.