The percentage of renters in Flemington has increased slightly, from 18% in 2013 to 21% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,557, peaking at $1,591 in 2017, before decreasing to $1,467 in 2022. This represents a 5.8% decrease in average rent prices over the decade, despite the increase in the renter population. The population growth from 30,559 in 2013 to 31,651 in 2022 may have contributed to the increased demand for rental properties.

In 2023, the average home price in Flemington reached $551,487, showing continued growth in the housing market. This trend persisted into 2024, with average home prices climbing to $592,149. Notably, federal interest rates also saw a significant increase, rising from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.

Looking ahead, predictive models suggest that average home prices in Flemington are likely to continue their upward trajectory over the next five years. Based on historical trends and current market conditions, average home prices could potentially reach the $650,000 to $700,000 range by 2029. Average rent prices, which have shown more volatility, are projected to stabilize and potentially increase modestly, possibly reaching the $1,600 to $1,700 range in the same period.

In summary, Flemington has experienced a gradual increase in average home prices alongside a slight decrease in homeownership rates over the past decade. The rental market has seen an increase in the percentage of renters, despite fluctuations in average rent prices. The recent sharp rise in interest rates, coupled with continuing increases in home prices, may present challenges for prospective homebuyers in the coming years. These trends suggest a dynamic housing market in zip code 08822, with potential opportunities and challenges for both homeowners and renters in the near future.