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Evergreen Lawn's Housing Market: Shifting Dynamics in Baltimore's Vibrant Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Evergreen Lawn, a neighborhood in Baltimore, Maryland, has experienced significant changes in homeownership rates and housing costs over the past decade. This residential area, known for its urban charm, reflects broader economic trends and local market dynamics. The community has seen a notable decline in homeownership rates, dropping from 81% in 2013 to 61% in 2022, coinciding with fluctuations in average home prices, which stood at $132,736 in 2022.
Federal interest rates have played a crucial role in shaping homeownership trends in Evergreen Lawn. From 2013 to 2016, historically low interest rates of 0.1% to 0.4% corresponded with relatively stable homeownership rates of 73% to 81%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a downward trend, falling to 61% by 2022. This inverse relationship demonstrates how higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in Evergreen Lawn has grown substantially, increasing from 19% in 2013 to 39% in 2022. This shift has been accompanied by a steady rise in average rent prices, from $1,274 in 2013 to $1,469 in 2022, representing a 15.3% increase over nine years. The growing renter population and rising rent prices suggest an increasing demand for rental properties in the area, possibly driven by factors such as job market changes, lifestyle preferences, or the challenges of homeownership.
Recent data shows that the average home price in Evergreen Lawn decreased slightly from $132,736 in 2022 to $131,524 in 2023, and further to $126,770 in 2024. This downward trend in home prices occurs despite a significant increase in interest rates, which rose from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. This scenario suggests that other local market factors may be influencing home prices more strongly than interest rates alone.
Applying predictive models to forecast future trends, we anticipate that average home prices in Evergreen Lawn may continue to experience moderate fluctuations over the next five years. Given the recent downward trend and considering economic factors, prices could stabilize or potentially see a slight increase if market conditions improve. For rent prices, the consistent upward trend observed over the past decade suggests that they may continue to rise, albeit at a potentially slower rate. However, this growth could be tempered by factors such as new housing developments or changes in local economic conditions.
In summary, Evergreen Lawn has witnessed a significant shift from homeownership to renting over the past decade, with homeownership rates declining and rent prices steadily increasing. Recent data shows a slight decrease in home prices despite rising interest rates, indicating the complexity of the local real estate market. These trends reflect the dynamic nature of urban neighborhoods and the various economic factors that influence housing markets.
