Renter percentages in Wooten have shown an inverse relationship to homeownership rates, increasing from 47% in 2013 to 50% in 2022. Average rent prices have also risen, albeit less dramatically than home prices. The average rent increased from $1,127 in 2013 to $1,170 in 2022, a 3.8% rise. This relatively modest increase in rent prices compared to the substantial rise in home values may have contributed to the slight shift towards renting. Additionally, population growth from 5,304 in 2013 to 6,433 in 2022 likely increased demand for rental properties.

In 2023 and 2024, the housing market shifted. Average home prices in Wooten decreased from the 2022 peak of $621,588 to $538,422 in 2023 and further to $502,303 in 2024. This decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have likely cooled the housing market, making mortgages more expensive and potentially reducing buyer demand.

Predictive models suggest that average home prices in Wooten may stabilize or experience modest growth over the next five years, assuming interest rates remain relatively high. Average rent prices are expected to continue their gradual upward trend, potentially reaching around $1,300 by 2029, driven by ongoing population growth and demand for housing in the Austin area.

In summary, Wooten has experienced significant changes in its housing market over the past decade. The neighborhood has seen a substantial increase in average home prices, a slight shift from homeownership to renting, and a moderate rise in average rent prices. Recent data shows a cooling in the housing market, likely influenced by rising interest rates. These trends reflect the broader dynamics of Austin's real estate market and the impact of economic factors on housing affordability and accessibility in the area.