Renter percentages in Kew Gardens have inversely mirrored the homeownership trend, decreasing from 64% in 2013 to 55% in 2022. Average rent prices have consistently increased during this period, rising from $1,399 in 2013 to $1,837 in 2022, a 31% increase. This upward trend in rent prices, despite a decreasing percentage of renters, could be attributed to factors such as improved housing quality, neighborhood desirability, or broader market pressures in the Queens area.

In 2023 and 2024, a significant shift occurred in the Kew Gardens housing market. Average home prices decreased substantially, dropping to $389,561 in 2023 and further to $356,652 in 2024, representing a 24% decrease from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007. These higher interest rates likely contributed to the cooling of home prices by making mortgages more expensive and reducing buyer demand.

Looking ahead, predictive models suggest that average home prices in Kew Gardens may continue to face downward pressure in the short term due to high interest rates. However, as the market adjusts, prices could stabilize and potentially see modest growth in the next 3-5 years, assuming interest rates begin to moderate. Rent prices are projected to continue their upward trajectory, albeit at a slower pace, potentially reaching around $2,000 per month within the next five years.

In summary, Kew Gardens has experienced a notable increase in homeownership rates over the past decade, accompanied by significant fluctuations in average home prices. The recent sharp decline in home prices, coupled with rising interest rates, marks a pivotal shift in the neighborhood's housing market dynamics. Despite these changes, the area's desirability and the overall trend of increasing rent prices suggest that Kew Gardens remains an attractive location for both homeowners and renters, with the potential for market stabilization and growth in the coming years.