An interesting study (August 2009), “Walking the Walk” compared home sale prices (from ZipRealty) with Walk Scores (from Walkscore.com) and found that homes in more walkable neighborhoods, especially in densely populated cities, had price premiums from about $4,000- $34,000. The data included 90,000 recent home sales in 15 markets.
What’s a Walkscore?
Walk Score measures the number of typical consumer destinations within walking distance of a house, with scores ranging from 0 (car dependent) to 100 (most walkable). By the Walk Score measure, walkability is a direct function of how many destinations are located within a short distance (generally between one-quarter mile and one mile of a home). Our measure of walkability reflects the convenience and proximity of having shopping and cultural activities close at hand, as well as the value households attach to mixed-use neighborhoods.
Some other findings:
- A one point increase in Walk Score was associated with an increase in value up to $3,000
- The property value premium for walkability seems to be higher in denser urban areas and those with extensive transit systems
- Only Las Vegas showed a negative correlation– higher walkscores equalled lower sale prices
- These are the 13 walking destinations scoring walkscore points (where’s the bank , post office and dry cleaner?):
- Note that Walkscore measures the straight line distance (not actual walking distance) and data from Google Maps.
About the methodology:
We studied data for more than 90,000 recent home sales in 15 different markets around the nation. Our statistical approach controlled for key characteristics of individual housing units (their size, number of bedrooms and bathrooms, age and other factors), as well as for the neighborhoods in which they were located (including the neighborhood’s income level, proximity to the urban center and relative accessibility to employment opportunities).
Read the Walking the Walk study here. (pdf)
Find your neighborhood’s walkscore here.
Real Estate Quality of Life
Since it is becoming clear that lifestyle choices and quality of life are important factors in a real estate purchase, real estate agents might want to include walkscore destinations in their websites or blogs, along with information about these destinations. Don’t leave out other city or neighborhood amenities such as museums, historical sites, sports and entertainment venues, and public transportation stations (bus, train, subway). Commuting times are also relevant stats.
Technorati Tags: walkscore, real estate, home values, real estate study, sellsius
