Price Dynamics of Owner-Occupied Housing in the Baltimore–Washington Area: Does Structure Type Matter?

This article investigates whether structure type (single-family detached house, town house, or condominium) matters to the price dynamics of owner-occupied housing units. We use a transaction-assessment database merged with census data. After controlling for lot/structure characteristics, spatial, a...

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Bibliographic Details
Published in:Journal of housing research 2000-01, Vol.11 (1), p.29-66
Main Authors: Tong, Zhong Yi, Glascock, John L.
Format: Article
Language:English
Subjects:
Affordable housing
Baltimore metropolitan area
Condominiums
Detached houses
Econometrics
Economic conditions
Home ownership
Houses
Housing
Housing market
Housing policy
Housing prices
Market prices
Maryland
Montgomery county, Maryland
Prices
Real estate
Real estate market
Real prices
Regression coefficients
Studies
Towns
U.S.A
United States
Urban housing
Variable coefficients
Washington
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Summary:This article investigates whether structure type (single-family detached house, town house, or condominium) matters to the price dynamics of owner-occupied housing units. We use a transaction-assessment database merged with census data. After controlling for lot/structure characteristics, spatial, and temporal effects, our semi-log hedonic regressions suggest that town houses and condominiums are different from single-family detached houses in real price level and appreciation rates as well as price volatility. For our sample of data from the Baltimore–Washington metropolitan area from 1973 to 1997, a typical town house or condominium unit is significantly more affordable than a typical detached housing unit but costs more per additional square foot. Town houses appreciated less than detached houses in Montgomery County, MD and the city of Baltimore, while appreciating more in Baltimore County. Condominiums have the lowest rates of appreciation in all three locations. Condominiums also consistently exhibit higher price volatility.
ISSN:1052-7001
2691-1337
DOI:10.1080/10835547.2000.12091952