How Walkability Raises Housing Values in Northern Virginia
I have taken my title, or at least part of it – How Walkability Raises Housing Values – directly from a new report commissioned for CEO’s for Cities because it really just says it all.
The full title of the report is “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities” and it was commissioned by CEO’s for Cities, a national network of urban leaders dedicated to building and sustaining the next generation of great American cities.
This is the first time since Walk Score was introduced in 2007, that a dollar figure has been attached to levels of walkability.
The report looked at 94,000 real estate transactions in 15 markets – including the Northern Virginia city of Arlington. In 13 of those markets, higher levels of walkability were directly linked to higher home values.
As Joseph Cortright, an economist and author of the report noted, “Walkable places have some of the best chances of performing well in years ahead.”
In fact, the study found that “a one-point increase in Walk Score is linked to an increase in home value between $500 and $3,000, depending on the market.
The premium for homes in neighborhoods with above-average Walk Scores ranged from $4,000 to $34,000.”
In Arlington the value of one point of Walk Score is worth $1730. I’m sorry Alexandria wasn’t included in this study but am confident that it would have scored as well if not better.
We’ve been writing about walkability now for almost two years and know what an important role it plays in a buyer’s decision. Here in our own Del Ray neighborhood, homes score in the high 80’s and as more businesses like the Neighborhood Pharmacy, the Greener Cleaner and Eclectic Nature set up shop, the higher those scores will go.
I’d love to tell you more about about how walkability could raise your housing values. Call me – 703.927.4554.