Walkability to Amenities May Command a Higher Home Price

flickr/Peter Blanchard

The National Association of Realtors® recently published an article with data from a Redfin study addressing the impact walkability to neighborhood amenities has on home values. Homes within walking distance of workplaces, shopping, parks, schools, etc. rank high on buyer wish lists but will command higher prices.

Homes with in-city locations are often condominiums (stack flats) or attached townhomes. Buyers willing to consider moving to close-in but less walkable, more car dependent neighborhoods, may find more affordable options as well as more single family house choices.

West coast urban markets have seen the premium walkability has on home values. In 2019 the premium for walkability in the Seattle marketplace increased the average price by 15.7% or $86,331. In San Diego urban/walkable homes averaged 10.5% more or $60,225 and in Los Angeles the premium for walkability was 5.8% or $34,583.

 

 

 

 

 

 

Posted on February 24, 2020 at 12:17 PM
Robin Myers | Category: condominium speciaist, condominiums, property values, real estate, urban living, walkability | Tagged , , , , , , , , , ,

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