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Ringwood: Consistently High Homeownership Amid Rising Property Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ringwood, located in New Jersey, is a picturesque community known for its natural beauty and outdoor recreational opportunities. This suburban enclave has maintained a consistently high rate of homeownership over the years, with average home prices showing a general upward trend and average rent prices experiencing significant fluctuations.
The homeownership rate in Ringwood has remained remarkably stable, hovering around 95% from 2013 to 2022. This high level of owner-occupied housing has persisted despite fluctuations in average home prices. In 2013, the average home price was $297,515, which gradually increased to $461,629 by 2022, representing a 55% increase over this period. Notably, the most substantial year-over-year increase occurred between 2020 and 2021, when average home prices jumped from $377,722 to $427,390, a 13.1% rise.
Federal interest rates have played a significant role in shaping homeownership trends in Ringwood. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained high at 95%, likely due to favorable borrowing conditions. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), homeownership rates in Ringwood remained stable, suggesting a strong local preference for homeownership regardless of interest rate fluctuations.
The rental market in Ringwood has been characterized by a low percentage of renters, consistently ranging between 3% and 5% from 2013 to 2022. Despite this small renter population, average rent prices have shown considerable volatility. In 2013, the average rent was $1,324, which increased to $1,971 by 2017, representing a substantial 48.9% increase over just four years. However, rent prices then stabilized somewhat, with the average rent in 2022 being $1,948, slightly lower than the 2017 peak but still 47.1% higher than the 2013 figure.
In 2023 and 2024, Ringwood's housing market continued its upward trajectory. The average home price reached $493,402 in 2023 and further increased to $526,067 in 2024, marking a 6.6% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand and limited housing supply.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Ringwood will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average home prices could potentially reach around $600,000 by 2029. Average rent prices are also expected to increase, possibly reaching the $2,200-$2,400 range by 2029, assuming continued low rental supply and steady demand.
In summary, Ringwood's housing market is characterized by exceptionally high homeownership rates, steadily increasing average home prices, and a small but volatile rental market. The community has shown resilience in maintaining high homeownership levels despite fluctuations in interest rates and home prices, suggesting a strong local preference for owning rather than renting. As the borough moves forward, it's likely to see continued growth in property values, potentially attracting more residents to this desirable New Jersey community.
