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Accokeek, Maryland: Steady Home Value Growth in a High-Ownership Suburb
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Accokeek, Maryland, a census-designated place in Prince George's County, is characterized by its historical significance and proximity to Washington D.C. This suburban community has exhibited remarkable trends in homeownership rates and housing prices over the last decade. The area has consistently maintained a high rate of owner-occupied housing, with average home prices demonstrating a steady upward trajectory, while average rent prices have shown fluctuations.
The homeownership rate in Accokeek has reached an exceptionally high level, peaking at 99% in 2022, an increase from 91% in 2018. This surge in homeownership has coincided with a substantial rise in average home prices. In 2013, the average home price stood at $311,812, which gradually increased to $530,136 by 2022, representing a 70% increase over a nine-year period. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Accokeek. During the period from 2013 to 2016, when interest rates were at historic lows (ranging from 0.09% to 0.4%), homeownership rates remained stable at approximately 93-94%. As interest rates began to climb from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership to 91%. However, when interest rates dropped again in 2020 (0.38%) and 2021 (0.08%), homeownership surged to 96%, indicating that lower interest rates likely contributed to increased home buying activity.
The rental market in Accokeek has displayed interesting trends. In 2013, the renter-occupied percentage was 6%, with an average rent of $1,972. By 2018, the renter percentage increased slightly to 9%, coinciding with an increase in average rent to $2,139. However, by 2022, the renter percentage dropped dramatically to just 1%, while the average rent remained relatively stable at $2,056. This suggests that as home ownership became more prevalent, the rental market contracted significantly.
Examining the most recent data, the average home price in Accokeek for 2023 was $532,193, showing a slight increase from 2022. In 2024, there's a minor decrease to $531,106. These figures indicate a stabilization in home prices after years of steady growth. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast the next 5 years, we can anticipate that average home prices in Accokeek may continue to stabilize or experience modest growth, given the recent trend and higher interest rates. Average rent prices are likely to remain relatively stable or increase slightly, especially if the rental market remains limited due to high homeownership rates.
In summary, Accokeek has demonstrated a robust trend towards homeownership, with rates reaching near-total levels in recent years. This has been accompanied by significant appreciation in average home values over the past decade. The rental market has contracted substantially, reflecting the strong preference for homeownership in the community. Recent data suggests a potential stabilization in the housing market, which will be important to monitor in the coming years.
