Conversely, the renter population in Woodbury Park has grown from 12% in 2013 to 19% in 2022. This increase in renters coincides with a dramatic rise in average rent prices. In 2013, the average rent was $323, which more than doubled to $589 by 2022, representing an 82.4% increase. This surge in rent prices outpaced the growth in home prices during the same period, potentially making renting less affordable for many residents.

Looking at the most recent data, the average home price in Woodbury Park continued its upward trajectory, reaching $451,573 in 2023 and further increasing to $467,929 in 2024. This represents a 6.8% increase from 2022 to 2024, despite the Federal Reserve raising interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates would typically be expected to cool the housing market, yet prices have continued to rise, suggesting strong demand or limited supply in the area.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Woodbury Park may continue to increase, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could potentially reach the $520,000 to $550,000 range. Average rent prices are also likely to continue their upward trend, potentially reaching $700 to $750 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.

In summary, Woodbury Park has experienced a gradual shift towards more renters, with homeownership rates declining as both home prices and rent prices have significantly increased. The neighborhood has shown resilience in its housing market, with property values continuing to appreciate even in the face of rising interest rates. These trends suggest a dynamic and potentially competitive housing market in Woodbury Park for the foreseeable future.