The rental market in Lockwood has also undergone significant changes. The percentage of renters increased from 67% in 2014 to 69% in 2022. During this period, average rent prices fluctuated considerably. In 2013, the average rent was $705, which increased to $1,031 in 2015. However, it then dropped to $655 in 2016 before rising again to $961 in 2022. These fluctuations in rent prices occurred alongside changes in the neighborhood's population, which decreased from 1,367 in 2014 to 984 in 2022.

In 2023 and 2024, the housing market in Lockwood continued to evolve. The average home price in 2023 reached $361,845, and in 2024 it further increased to $374,458. This represents a 4.3% increase from 2022 to 2023 and an additional 3.5% increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024.

Based on the historical data and current trends, we can forecast the following 5-year trends for Lockwood: Average home prices are likely to continue increasing, but at a more moderate pace, potentially reaching around $425,000 to $450,000 by 2029. Average rent prices may stabilize or increase slightly, potentially reaching $1,100 to $1,200 per month by 2029. The homeownership rate may continue to fluctuate but could stabilize around 30-35% if current trends persist.

In summary, Lockwood has experienced significant changes in its housing market over the past decade. The neighborhood has seen a substantial increase in average home prices, fluctuating homeownership rates, and variable rent prices. The recent rise in interest rates may continue to impact homeownership trends, while population changes and local economic factors will likely influence both the ownership and rental markets in the coming years.