Renter percentages in Overton Woods have shown an inverse relationship to homeownership rates. In 2013, 44% of residents were renters, and this percentage increased to 47% by 2022. Average rent prices have also seen an upward trend, albeit with some fluctuations. In 2013, the average rent was $1,780, and by 2022, it had increased to $2,104, representing an 18% rise over nine years. The population growth from 1,487 in 2013 to 2,191 in 2022 may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.

Looking at the most recent data, the average home price in Overton Woods reached $1,108,617 in 2023 and further increased to $1,179,015 in 2024. This represents a 10.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Overton Woods will continue to rise, potentially reaching around $1.5 million by 2029. Average rent prices are also expected to increase, possibly surpassing $2,800 per month within the same timeframe. These projections are based on historical trends and current market conditions.

In summary, Overton Woods has experienced a slight shift towards a more balanced mix of owners and renters over the past decade, with homeownership rates decreasing marginally. Average home prices have seen substantial growth, nearly doubling from 2013 to 2022. Rent prices have also increased, albeit at a slower rate. The neighborhood's population growth and the interplay between interest rates and housing market dynamics have played significant roles in shaping these trends. As we look to the future, both home prices and rent prices are expected to continue their upward trajectory, reflecting the ongoing desirability and development of the Overton Woods neighborhood.