Renter percentages in Spring Lake have shown a slight decline, from 33% in 2013 to 30% in 2022. This decrease in the renter population has been accompanied by a steady increase in average rent prices. The average rent rose from $1,581 in 2013 to $1,777 in 2022, a 12.4% increase over the period. This trend suggests that while fewer residents are renting, those who do are paying higher prices, possibly due to the overall increase in property values and the limited supply of rental properties in the area.

The average home price in Spring Lake continued its upward trajectory, reaching $1,095,568 in 2023 and further climbing to $1,165,586 in 2024. This represents a 10.7% increase from 2022 to 2024. Federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and property values in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Spring Lake will continue to rise, albeit potentially at a more moderate pace due to the recent increases in interest rates. We project that by 2029, average home prices could reach approximately $1,400,000 to $1,500,000. Average rent prices are also expected to increase, potentially reaching $2,000 to $2,200 per month by 2029, assuming current trends and economic conditions persist.

In summary, Spring Lake has demonstrated a robust real estate market over the past decade, characterized by increasing homeownership rates, rapidly appreciating home values, and rising rent prices. The area's desirability, coupled with broader economic factors, has contributed to these trends. However, the recent sharp increase in interest rates may introduce new dynamics to the local housing market in the coming years, potentially moderating the pace of price appreciation and affecting affordability for prospective homebuyers.