Case Study: An AGGIE-HOMES Residential Market Analysis for Rio Chapman Oaks Residential Subdivision Development in La Plata, MD
Malloy Shamwell, Aggie-NAHB Competition Team Member Andrea Ofori-Boadu, Ph.D. Aggie-NAHB Competition Team Lead Coach Christian Bock-Hyeng, Ph.D., Aggie-NAHB Co-Coach
Department of Built Environment
The AGGIE-HOMES National Association of Home Builders (NAHB) student competition team submitted a 50-page Rio Chapman Oaks residential subdivision development proposal as part of the 2023 NAHB competition held in Las Vegas, Nevada. The case study involved developing a residential subdivision on a 200-acre property located in La Plata, MD. While there are 9 sections of the proposal, the purpose of this presentation is to describe the Market Analysis section. Utilizing housing market databases to include Zonda and Zillow, descriptive statistics on last twelve months (LTM) home sales are highlighted. Sale prices increased by 32%, with the median home sale price being $400,000. Although there was a sharp decline in the demand for townhomes, across the U.S., 3% of house hunters targeted La Plata. La Plata has a population of 10,444 with 23% of the population being 19 years or below. There was a 49% marriage rate with 87.9% being homeowners. The average household income is $132,237 with an employment rate of 57%. Notably, there are 4,037 white-collar and 500 blue-collar jobs. From 2019 to 2021, the number of teleworkers tripled. Based on this extensive market analysis, Aggie-Homes targeted four specific groups (Married Families with children; Professionals: Digital Settlers; and Relocators) with its six proposed plans and 844 homes. The market analysis informed other sections of the proposal and this venture was determined to be worthy of serious consideration. The Aggie Home competition team presented this proposal to five national NAHB expert judges and placed 18th Nationwide.
Shamwell, Malloy; Ofori-Boadu, Andrea Ph.D; and Bock-Hyeng, Christian, "Case Study: An AGGIE-HOMES Residential Market Analysis for Rio Chapman Oaks Residential Subdivision Development in La Plata, MD" (2023). Undergraduate Research and Creative Inquiry Symposia. 340.