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Average Home Values and Ownership in Zip Code 21666: Stevensville's Shifting Housing Landscape
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
Zip code 21666, located in Stevensville, Maryland, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, known for its proximity to the Chesapeake Bay, has seen a gradual shift in its real estate landscape, with notable trends in both ownership and rental markets.
The homeownership rate in zip code 21666 has shown a general decline from 2013 to 2022. In 2013, the area boasted a high homeownership rate of 91%, but this figure dropped to 82% by 2022. This 9% decrease in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $314,796, which rose steadily to reach $480,686 by 2022, representing a significant 52.7% increase over the nine-year period.
The relationship between federal interest rates and homeownership rates in this zip code follows a typical pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 90%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a more pronounced decline, dropping to 82% by 2022.
Conversely, the percentage of renters in zip code 21666 has increased from 9% in 2013 to 18% in 2022, doubling over the nine-year period. This rise in renters correlates with an increase in average rent prices, which grew from $1,770 in 2013 to $1,666 in 2022. Interestingly, despite the overall upward trend, there was a slight decrease in average rent from 2021 to 2022, dropping from $1,742 to $1,666. This fluctuation could be attributed to various factors, including changes in local economic conditions or housing supply.
Looking at the most recent data, the average home price in zip code 21666 continued its upward trajectory, reaching $496,756 in 2023 and further increasing to $514,190 in 2024. This represents a 7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 21666 will continue to rise, potentially reaching around $600,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of around $1,900 per month by 2029, assuming the trend of the past few years continues.
In summary, zip code 21666 has experienced a notable shift in its housing market dynamics over the past decade. The area has seen a decrease in homeownership rates coupled with a significant increase in average home prices. The rental market has expanded, with more residents opting to rent, although rent prices have shown some fluctuation in recent years. The continued rise in home prices, coupled with increasing interest rates, may further influence the balance between homeownership and renting in this area in the coming years.
