Renter percentages in Harmony have shown an inverse relationship to homeownership rates, naturally decreasing as more residents became homeowners. In 2013, 33% of residents were renters. This percentage fluctuated over the years but ultimately decreased to 22% by 2022. Interestingly, average rent prices did not show a consistent upward trend despite the decreasing supply of rental units. The average rent peaked at $1,087 in 2013 and reached its lowest point at $904 in 2022, showing a 16.8% decrease over this period.

In 2023, the average home price in Harmony reached $360,755, continuing the upward trend seen in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $374,757, while federal interest rates have slightly risen to 5.33%. These figures suggest a resilient housing market in Harmony, capable of maintaining growth even in a higher interest rate environment.

Looking ahead, predictive models suggest that average home prices in Harmony are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices, which have been relatively stable in recent years, may see modest increases as the rental market adjusts to changing demand and supply dynamics.

In summary, Harmony has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in average home prices. This trend has persisted even in the face of rising interest rates, indicating strong local demand for housing. The rental market, while shrinking in terms of percentage of residents, has shown resilience with relatively stable rent prices. These trends paint a picture of a community with a growing preference for homeownership and a robust real estate market.