Walkable Neighborhoods Sell for More

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Location, Location, Location.  As a real estate agent I’ve always known that location is the key to getting your home sold for the most money in the shortest amount of time.  An ugly kitchen can be remodeled, but a bad location is always a bad location.   So when I take clients out to different neighborhoods I always take minute to stand out side: check out the neighbors’ houses, the street traffic and the surrounding area. 

One of the best things about living in Oakley is that I can walk places.  It’s just two blocks to the public library, one block to UDF (which may or may not be a good thing- I love milkshakes), and about 3 blocks to all the shops and restaurants of Oakley Square.  Plus there is a park just down the hill.  I’ve always thought my location is great- and very walkable.  But I didn’t have any hard numbers to back up the assumption I’ve had that a neighborhood you can walk in is worth more, until now.

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A new report out called “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” looked at 94,000 real estate transactions in 15 markets and found that in 13 of those markets, home prices were directly linked to the markets “walkability”.  They calculated walkability using “Walk Score” a favorite website of mine and linked in my blogroll.  Keeping all other factors the same (i.e. bedrooms, bathrooms, age, etc), the study found that a 1 point increase in your walk score translates to a $500- $3000 price increase depending on your market! Wow!  So before you go out to buy your next house, it might be a good idea to see what your potential neighborhood’s walk score is.  Could help you decide between two areas of town, plus it points out local amenities you might not have even realized were around.

Click here and plug in your address to get your own walk score- then come back and here and let me know how your neighborhood measures up.  I’ve got a 91 out of 100- can you beat that?

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