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Perry Hall: Rising Home Values and Stable Ownership in Maryland's Suburban Community
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
Perry Hall, Maryland, is a vibrant census-designated place located in Baltimore County. With a population of 29,308 in 2022, this suburban community has experienced steady growth over the years. Perry Hall is known for its high homeownership rates and fluctuating housing market, making it an interesting area for real estate analysis.
Homeownership in Perry Hall has remained relatively stable over the past decade, with a slight increase from 76% in 2013 to 78% in 2022. This trend coincides with significant changes in average home prices. In 2013, the average home price was $299,971, which rose steadily to $404,745 by 2022, representing a 35% increase over nine years. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $347,946 to $378,556, a 8.8% increase.
Federal interest rates have played a crucial role in shaping homeownership trends in Perry Hall. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the sustained high levels of homeownership. As interest rates began to rise in 2022 to 1.68%, we observed a slight increase in homeownership to 78%, suggesting that Perry Hall residents were possibly motivated to purchase homes before rates climbed further.
Renter percentages in Perry Hall have remained relatively low, fluctuating between 22% and 25% from 2013 to 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,557, which peaked at $1,717 in 2018 before dropping to $1,424 in 2019. By 2022, average rent had risen again to $1,526. This fluctuation in rent prices, coupled with the steady increase in home values, may have influenced some renters to transition to homeownership, contributing to the slight increase in the homeownership rate.
In 2023 and 2024, Perry Hall's housing market continued to show strength. The average home price in 2023 reached $414,426, a 2.4% increase from 2022. In 2024, it further climbed to $421,913, representing a 1.8% year-over-year growth. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Perry Hall will continue to rise, albeit at a more moderate pace. Over the next five years, we might expect average home prices to reach approximately $450,000 to $475,000, assuming a conservative annual growth rate of 2-3%. Average rent prices are likely to follow a similar upward trajectory, potentially reaching $1,700 to $1,800 per month within the same timeframe.
In summary, Perry Hall has maintained a strong homeownership rate despite fluctuations in the housing market. The community has seen substantial growth in average home prices over the past decade, with recent years showing particularly robust increases. While rent prices have been more volatile, they have generally trended upward. The interplay between federal interest rates, home prices, and rent costs continues to shape the real estate landscape in Perry Hall, making it an intriguing market to watch in the coming years.
