Renter percentages in Noxen have fluctuated between 16% and 21% from 2013 to 2022. The average rent prices have shown considerable variability during this period. In 2013, the average rent was $944, which increased to $1,012 in 2014. However, there was a significant drop to $696 in 2015, followed by further fluctuations in subsequent years. By 2022, the average rent had decreased to $683, representing a 27.7% decline from the 2013 figure. These fluctuations in rent prices do not seem to correlate strongly with changes in the renter population, suggesting that other local factors may be influencing rental rates.

In 2023, the average home price in Noxen decreased to $187,491, representing a 6.1% decline from 2022. This trend continued into 2024, with the average home price further dropping to $179,247, a 4.4% decrease from 2023. Interestingly, this decline in home prices occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. This suggests that local market conditions may be outweighing the impact of national interest rate trends on home prices in this area.

Looking ahead, based on the recent trends observed in Noxen, we can project potential scenarios for the next five years. If the current trend continues, we might expect average home prices to continue their gradual decline, potentially reaching around $160,000 by 2029. However, this projection assumes that local economic conditions remain similar and that no significant changes occur in the housing market or broader economy.

For average rent prices, the fluctuating nature of the past decade makes predictions more challenging. However, if we consider the overall downward trend observed since 2014, we might anticipate average rents to stabilize or continue a slight downward trajectory, potentially settling around $650-$700 per month over the next five years.

In summary, Noxen (18636) has maintained a high homeownership rate despite fluctuations in average home prices and rent rates. The community has shown resilience in homeownership preferences, even in the face of changing economic conditions. The recent decline in average home prices, coupled with rising interest rates, suggests that local factors are playing a significant role in shaping the housing market in this area. As we look to the future, careful monitoring of these local trends will be crucial for understanding the evolving dynamics of the housing market in Noxen.