Conversely, the percentage of renters in Blackstone has decreased over time, dropping from 20% in 2015 to 8% in 2022. Despite this decline in the renter population, average rent prices have remained relatively stable. The median rent in 2013 was $1,349, and by 2022 it had only slightly decreased to $1,298. This stability in rent prices, despite the decreasing renter population, could be attributed to factors such as limited rental inventory or high-quality rental properties maintaining their value.

As of 2024, the average home price in Blackstone has reached $326,063, showing continued growth from the 2022 figure of $312,451. This represents a 4.4% increase over two years. The federal interest rate in 2024 stands at 5.33%, significantly higher than the rates seen in the previous decade. This increase in interest rates may impact future homeownership trends and property values in the neighborhood.

Looking ahead, predictive models suggest that average home prices in Blackstone will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $350,000 to $375,000 by 2029. Rent prices are expected to remain relatively stable, possibly increasing slightly to keep pace with inflation, potentially reaching an average of $1,350 to $1,400 per month by 2029.

In summary, Blackstone has experienced a significant increase in homeownership rates and average home prices over the past decade, likely influenced by historically low interest rates. The neighborhood has seen a corresponding decrease in the renter population, although rent prices have remained relatively stable. With rising interest rates and continuing property value appreciation, Blackstone's real estate market is poised for potential changes in the coming years, with a possible moderation in the rate of home price growth and continued stability in the rental market.