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Randallstown's Rising Home Values: A Suburban Success Story
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Randallstown, located in Maryland, is a vibrant community with a rich history and diverse population. Over the past decade, this suburb of Baltimore has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Randallstown has remained relatively stable, hovering around 70-73% between 2013 and 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $205,867, which rose consistently to reach $341,517 by 2022, representing a significant 66% increase over this period. The year 2016 marked a turning point, with average home prices surpassing pre-2010 levels at $228,997, and continuing to climb thereafter.
Federal interest rates have played a crucial role in shaping homeownership trends in Randallstown. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the maintenance of high homeownership rates despite rising home prices. As interest rates began to increase more substantially from 2017 (1%) to 2019 (2.16%), the homeownership rate in Randallstown remained resilient, even slightly increasing from 71% in 2017 to 73% in 2019.
Renter percentages in Randallstown have fluctuated slightly, ranging from 27% to 30% between 2013 and 2022. Average rent prices have shown an upward trend, increasing from $1,363 in 2013 to $1,453 in 2022, a 6.6% rise. Notably, there was a significant jump in average rent from $1,397 in 2018 to $1,556 in 2019, coinciding with a population increase from 34,488 to 35,304. This suggests that population growth may have contributed to increased demand for rental properties, driving up prices.
In 2023 and 2024, Randallstown's housing market continued to evolve. The average home price reached $347,039 in 2023 and further increased to $349,532 in 2024. This represents a continued upward trend, albeit at a slower pace compared to previous years. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and rent in Randallstown over the next five years. Average home prices are projected to potentially reach around $380,000 to $400,000 by 2029, assuming a moderate annual growth rate of 2-3%. Average rent prices could increase to approximately $1,600 to $1,700 per month, factoring in historical growth patterns and potential market pressures.
In summary, Randallstown has demonstrated a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The community has shown resilience in maintaining homeownership levels despite rising home prices and fluctuating interest rates. The rental market has also seen growth, with rent prices generally increasing alongside population changes. As Randallstown continues to evolve, these trends suggest a dynamic and potentially competitive housing market in the coming years.
