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Pylesville: High Homeownership Rates and Rising Home Values in a Resilient Maryland 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
Pylesville, Maryland, is a small community located in Harford County. This charming rural area has experienced significant fluctuations in population and housing trends over the past decade. The city has consistently maintained a high rate of homeownership, with average home prices showing a steady increase, while average rent prices have been more volatile.
Homeownership rates in Pylesville have remained remarkably high, ranging from 93% to 96% between 2013 and 2022. This strong preference for homeownership is reflected in the steady rise of average home prices. In 2010, the average home price was $338,728, which gradually increased to $477,483 by 2022, representing a 41% increase over 12 years. The most significant jump occurred between 2020 and 2021, with average home prices rising from $390,654 to $440,834, a 12.8% increase in just one year.
The relationship between federal interest rates and homeownership rates in Pylesville appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained high at 94% and 93%. However, the consistently high homeownership rates in Pylesville suggest that other factors, such as the rural setting and community characteristics, may play a more significant role in maintaining high ownership levels.
Renter percentages in Pylesville have remained low, fluctuating between 4% and 7% from 2013 to 2022. Despite this small rental market, average rent prices have shown considerable volatility. In 2013, the average rent was $624, which increased dramatically to $1,550 in 2015, a 148% jump. However, rent prices then decreased to $514 in 2016, before rising again to $1,176 in 2019. By 2022, the average rent had settled at $607. These fluctuations may be attributed to the limited rental inventory and the impact of even small changes in available units on the overall average.
In 2023, the average home price in Pylesville reached $498,376, continuing the upward trend seen in previous years. This represents a 4.4% increase from 2022. The federal interest rate for 2023 was 5.02%, significantly higher than the rates seen in the previous decade. Moving into 2024, the average home price has further increased to $512,664, a 2.9% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, based on the historical data and current trends, we can forecast that average home prices in Pylesville are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach approximately $550,000 to $575,000 by 2029. Average rent prices, given their historical volatility, are more challenging to predict. However, if the trend of limited rental inventory persists, we could see average rents stabilize in the $700 to $900 range over the next five years, subject to local market conditions and any changes in housing supply.
In summary, Pylesville demonstrates a strong preference for homeownership, with consistently high rates above 90%. Average home prices have shown steady growth over the past decade, with significant acceleration in recent years. The rental market, while small, has experienced considerable volatility in average rent prices. The community's housing market appears resilient, with continued growth in home values despite rising interest rates, suggesting a sustained demand for housing in this rural Maryland setting.
