Renter percentages in Conestoga Heights have inversely mirrored the homeownership trends, decreasing from 36% in 2013 to 34% in 2022. Despite this decrease, average rent prices have shown a significant upward trajectory. In 2013, the average rent was $1,097, which increased to $1,225 by 2022, representing a 12% rise. It's worth noting that there was a substantial spike in average rent to $1,601 in 2021, before returning to more moderate levels in 2022. This trend occurred alongside population fluctuations, with the neighborhood's population peaking at 13,243 in 2016 before settling at 12,439 in 2022.

Looking at the most recent data, 2023 saw average home prices in Conestoga Heights reach $301,645, a 6.8% increase from 2022. This upward trend continued into 2024, with average home prices rising to $312,942, marking a further 3.7% increase. Notably, federal interest rates also saw significant increases, rising to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.

Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and average rent prices, albeit at a potentially slower rate due to higher interest rates. Average home prices are projected to reach approximately $350,000 by 2029, while average rent prices could approach $1,400 per month.

In summary, Conestoga Heights has experienced a notable increase in homeownership rates over the past decade, accompanied by significant growth in average home prices. The neighborhood has also seen a general upward trend in average rent prices, despite a slight decrease in the percentage of renters. The recent sharp increase in interest rates may impact future homeownership trends and price growth, potentially moderating the rapid appreciation seen in recent years. These trends reflect the dynamic nature of the housing market in Conestoga Heights and underscore the area's evolving residential landscape.