Across the U.S., homes that are built within walking distance of schools, shopping, parks and other urban amenities sell for an average of 23.5%, or $77,668, more than comparable properties that are car-dependent, according to a study from Redfin. (There’s a similar premium for proximity to public transportation.)
To determine walkability and what it’s worth, Redfin compared sale prices and Walk Score rankings for nearly 1 million homes sold last year across 16 major U.S. metropolitan areas and two Canadian cities.
As it turns out, walkable homes are a hot commodity. Redfin found that only about a quarter of active listings are considered walkable, or have a Walk Score ranking of 50 to 100.
“Properties that are more affordable are seeing the most demand and price growth right now, and homes in less walkable neighborhoods often fall into this category,” Redfin chief economist Daryl Fairweather said. “There just aren’t as many people who can afford walkable neighborhoods. Many house hunters are also willing to move to less walkable neighborhoods in order to get single-family homes.”
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.