The rental market in Wooster has experienced its own set of changes. The percentage of renter-occupied housing units decreased from 37% in 2013 to 34% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $704, which increased to $789 by 2022, representing a 12% rise. This increase in average rent, coupled with a decreasing renter population, suggests a tightening rental market with potentially higher-quality or more desirable rental properties commanding premium prices.

Looking at the most recent data, 2023 saw average home prices in Wooster reach $301,683, a 6% increase from 2022. However, in 2024, there has been a significant correction in the housing market, with average home prices dropping to $246,306, a decrease of 18.4% from the previous year. This downturn coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024, potentially cooling the housing market and affecting affordability for prospective buyers.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Wooster may experience a period of stabilization or modest growth following the 2024 correction. The high interest rate environment is likely to persist in the near term, which could temper rapid price appreciation. For the rental market, a continued gradual increase in average rent prices is projected, driven by inflation and the overall cost of housing maintenance and development.

In summary, Wooster's housing market has demonstrated resilience and growth over the past decade, with increasing homeownership rates and substantial appreciation in average home values. The rental market, while shrinking in terms of occupancy, has seen steady increases in average rents. The recent market correction and high interest rates present new challenges and opportunities for both buyers and renters in this evolving Ohio city.