Here's Matthew Henry on the verse:
That he improved, and came on, to admiration (v. 52): He increased in wisdom and stature. In the perfections of his divine nature there could be no increase; but this is meant of his human nature, his body increased in stature and bulk, he grew in the growing age; and his soul increased in wisdom, and in all the endowments of a human soul. Though the Eternal Word was united to the human soul from his conception, yet the divinity that dwelt in him manifested itself to his humanity by degrees, ad modum recipientis—in proportion to his capacity; as the faculties of his human soul grew more and more capable, the gifts it received from the divine nature were more and more communicated. And he increased in favour with God and man, that is, in all those graces that rendered him acceptable to God and man. Herein Christ accommodated himself to his estate of humiliation, that, as he condescended to be an infant, a child, a youth, so the image of God shone brighter in him, when he grew up to be a youth, than it did, or could, while he was an infant and a child. Note, Young people, as they grow in stature, should grow in wisdom, and then, as they grow in wisdom, they will grow in favour with God and man.