The rental market in North Shore, although small, has experienced some fluctuations. The percentage of renters ranged from 6% to 9% between 2013 and 2022. Average rent prices have generally increased over time, albeit with some variations. In 2013, the average rent was $697, rising to $729 in 2022, a 4.6% increase. The highest average rent was recorded in 2018 at $739. These changes in rent prices appear to be influenced more by local market conditions than by the small fluctuations in the renter population.

As of 2024, the average home price in North Shore stands at $307,384, showing a slight decrease from the 2023 value of $313,431. This recent dip coincides with a notable increase in federal interest rates, which reached 5.33% in 2024, up from 5.02% in 2023. This higher interest rate environment may be contributing to a cooling in the housing market.

Looking ahead, based on recent trends and current market conditions, we can expect average home prices in North Shore to stabilize or potentially experience modest growth over the next five years. The high interest rate environment may initially dampen price growth, but the area's consistent appeal and limited housing supply could support gradual appreciation. Average rent prices are likely to continue their slow upward trajectory, potentially reaching around $750-$800 per month in the next five years, assuming steady demand for the limited rental properties in the area.

In summary, North Shore demonstrates a robust and stable housing market characterized by very high homeownership rates and steadily appreciating property values. The rental market, while small, has shown resilience with gradual increases in average rents. The recent uptick in interest rates may lead to a period of price stabilization, but the neighborhood's desirability suggests a positive long-term outlook for both homeowners and the limited number of renters in the area.