Conversely, the percentage of renters in Wellsburg decreased from 21% in 2013 to 16% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. The average rent increased from $917 in 2013 to $1,024 in 2019, before experiencing some volatility in recent years. In 2022, the average rent was $749, a decrease from previous years but still higher than the 2013 levels. This trend suggests that while fewer people are renting, those who do are facing higher costs relative to a decade ago.

In 2023 and 2024, the housing market in Wellsburg continued its upward trajectory. The average home price reached $140,636 in 2023 and further increased to $146,885 in 2024, marking a 4.4% annual growth. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, the highest levels seen in over a decade.

Looking ahead, based on current trends and economic indicators, we can expect the average home prices in Wellsburg to continue rising, albeit at a more moderate pace. Projections suggest that by 2029, average home prices could reach approximately $170,000 to $180,000, assuming a conservative annual growth rate of 3-4%. Rent prices are also likely to increase, potentially reaching an average of $1,100 to $1,200 per month by 2029, factoring in historical volatility and overall upward pressure on housing costs.

In summary, Wellsburg has experienced a significant increase in homeownership rates over the past decade, accompanied by rising average home prices. While the renter population has decreased, average rent prices have generally trended upwards, albeit with recent fluctuations. The resilience of the housing market, even in the face of rising interest rates, suggests a strong local demand for homeownership. These trends indicate a transforming housing landscape in zip code 14894, with potential implications for community development and local economic patterns in the coming years.