Renter percentages and average rent prices in Westmoreland have also shown notable trends. The percentage of renters decreased from 31% in 2013 to 26% in 2016 and 2017, before rising to 33% in 2022. Average rent prices fluctuated during this period, starting at $771 in 2013, dropping to $666 in 2018, and then rising sharply to $1,031 by 2022. This represents a 33.7% increase in average rent from 2013 to 2022, despite some fluctuations in between.

Looking at the most recent data, the average home price in Westmoreland reached $232,869 in 2023 and further increased to $243,599 in 2024. This continued upward trend occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating a robust housing market that has maintained growth even in the face of higher borrowing costs.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Westmoreland will continue to rise, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on the consistent growth patterns observed in recent years and assume relatively stable economic conditions.

In summary, Westmoreland's housing market has demonstrated resilience and growth over the past decade. The town has maintained a relatively high homeownership rate despite rising home prices and fluctuating interest rates. The rental market has seen significant price increases, particularly in recent years. As the town continues to evolve, these trends suggest a dynamic and potentially competitive housing market in the coming years, with both homeowners and renters likely to face increasing costs.