The renter population in Walpole has grown as homeownership has declined. The percentage of renters increased from 24% in 2013 to 35% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $1,026, which increased to $1,055 by 2017. However, it then decreased to $919 in 2018 before rising again to $962 in 2022. This fluctuation in rent prices, coupled with the increasing renter population, suggests a complex rental market influenced by various factors, including housing supply and local economic conditions.

Looking at the most recent data, the average home price in Walpole continued its upward trajectory, reaching $421,209 in 2023 and $449,801 in 2024. This represents a further 15.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Walpole will continue to rise, potentially reaching around $550,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes similar market conditions persist. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of about $1,200 per month by 2029, considering the historical fluctuations and recent upward trend.

In summary, Walpole has experienced a significant shift in its housing market dynamics over the past decade. The decline in homeownership rates, coupled with rising home prices, suggests an increasingly challenging environment for potential homebuyers. The growing renter population and fluctuating rent prices indicate a rental market adapting to these changes. As home prices continue to rise and interest rates remain high, the community may see further shifts in housing affordability and occupancy patterns in the coming years.