Renter percentages in Bradford Woods have remained low, ranging from 4% to 7% between 2013 and 2022. Despite the small renter population, average rent prices have shown significant volatility. In 2013, the average rent was $387, which increased to $491 by 2018. Interestingly, there was a sharp drop to $152 in 2019, followed by a dramatic rise to $713 in 2020. This volatility continued with the average rent reaching $773 in 2022. These fluctuations may be attributed to the limited rental inventory in the area and the potential impact of even small changes in available units.

In 2023, the average home price in Bradford Woods reached $468,225, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $494,260, while interest rates have slightly risen to 5.33%. This continuing upward trend in both home prices and interest rates suggests a robust housing market in the area, despite higher borrowing costs.

Looking ahead, based on the historical data and current trends, it's projected that average home prices in Bradford Woods will continue to rise over the next five years, potentially reaching around $600,000 by 2029. Rent prices, while more volatile, are also expected to trend upward, possibly stabilizing around $900-$1,000 per month. However, these projections assume consistent economic conditions and local market factors.

In summary, Bradford Woods in zip code 15015 demonstrates a strong and persistent preference for homeownership, with average home prices showing consistent growth over the past decade. The area has maintained high homeownership rates despite fluctuations in federal interest rates, indicating a resilient local housing market. While the rental market is small, it has experienced significant price volatility, reflecting the limited inventory and sensitivity to local changes. The ongoing increase in both home prices and interest rates suggests continued confidence in the local real estate market.