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Zip Code 21639: Greensboro's Housing Market Sees Steady Growth in Home Values and Ownership
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 21639, located in Greensboro, Maryland, presents an interesting case study of homeownership and housing market trends. Over the past decade, this area has experienced fluctuations in both homeownership rates and housing prices, reflecting broader economic shifts and local market dynamics. The homeownership rate in zip code 21639 has shown resilience, maintaining a relatively high level throughout the observed period. In 2013, the homeownership rate stood at 73%, and by 2022, it had increased slightly to 74%. This stability in homeownership is particularly noteworthy given the significant changes in average home prices during the same period. The average home price in the area rose from $164,751 in 2013 to $285,028 in 2022, representing a substantial increase of 73% over nine years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. Despite the federal interest rate increasing from 0.11% in 2013 to 1.68% in 2022, the homeownership rate in zip code 21639 actually increased slightly. This trend suggests that other factors, such as local economic conditions or housing market dynamics, may have played a more significant role in maintaining high homeownership rates in this area than interest rates alone.
The rental market in zip code 21639 has also experienced notable changes. The percentage of renters fluctuated between 26% and 31% from 2013 to 2022. Interestingly, average rent prices showed an overall upward trend during this period, rising from $951 in 2013 to $1,023 in 2022, an increase of about 7.6%. This increase in rent prices, coupled with the relatively stable renter population, suggests a tightening rental market in the area.
Looking at the most recent data for 2023 and 2024, we see that the average home price in zip code 21639 continued to rise, reaching $285,414 in 2023 and $293,527 in 2024. This represents a further increase of 3% from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homeownership trends and housing affordability in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 21639 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $330,000 to $350,000, assuming a moderate annual growth rate of 2-3%. For rent prices, we expect a continued upward trajectory, potentially reaching an average of $1,150 to $1,200 per month by 2029, based on historical trends and anticipated market conditions.
In summary, zip code 21639 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience in maintaining homeownership levels despite rising home prices and fluctuating interest rates. The rental market, while smaller, has also seen consistent growth in prices. As we look to the future, the interplay between rising interest rates, increasing property values, and local economic factors will likely shape the housing landscape in this Maryland town.
