Renter percentages in Knolls West have inversely mirrored homeownership trends. In 2013, 41% of residents were renters, which decreased to a low of 31% in 2017 before rising again to 42% in 2022. Average rent prices have shown a general upward trend, albeit with some fluctuations. In 2013, the average rent was $1,035, which increased to $1,062 by 2022, a relatively modest 2.6% increase over the period. The population of Knolls West has also grown during this time, from 2,983 in 2013 to 3,687 in 2022, potentially influencing rental demand and prices.

In 2023 and 2024, average home prices in Knolls West continued to rise, reaching $312,027 in 2023 and $315,955 in 2024. This represents a 3.6% increase from 2022 to 2023 and a further 1.3% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial rise from the 1.68% rate in 2022.

Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Knolls West to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. A five-year forecast suggests average home prices could reach approximately $350,000 by 2029. Average rent prices are also likely to increase, potentially reaching around $1,200 per month in the same timeframe, driven by population growth and housing demand in the area.

In summary, Knolls West has experienced significant growth in average home prices over the past decade, with a recent moderation in the rate of increase. Homeownership rates have fluctuated, influenced by changes in interest rates and housing affordability. The rental market has seen more modest price increases, with renter percentages inversely tracking homeownership rates. These trends reflect the dynamic nature of the local housing market and its responsiveness to broader economic factors.