Market Update News Surveys

Study: living near public transit boosts home values

Photo by Nick Bolton on Unsplash

NAR recently conducted a study examining seven metropolitan areas with heavy access to public transit – Seattle being one of them. 

REALTOR Magazine

Neighborhoods located within a half-mile of public transit services outperformed those farther from public transit based on a number of factors, according to a report released Monday by the National Association of REALTORS® and the American Public Transportation Association.

The report shows commercial and residential real estate market sales thrive when residents have mobility options. Residential properties within these areas had 4% to 24% higher median sale prices between 2012 and 2016, the report found. Commercial values in four of the regions saw median sales prices per square foot increase between 5% and 42%. Transit-oriented areas also provide costs savings for residents: The report showed an average annual savings of $2,500 to $4,400 in transportation costs for the typical household. One in four households in close proximity to transit doesn’t own a vehicle, according to the study.

Read the article here: How Much Public Transit Adds to Home Values

Related posts

What Agents Need to Talk About When They Talk About Commissions


John L. Scott Scappoose’s Peggy Howell wins CCBR awards


LeadingRE Institute ranked second on Training Magazine’s 2019 Top 125