Study Finds Connection Between Neighborhood Walkability and Home Values

Here’s an interesting story I recently stumbled upon at the National Realtor Blog. Nashville isn’t well-known to be a walkable city, however www.WalkScore.com ranked Nashville the 39th most walkable city earlier this year. If you are interest in a walkable lifestyle there are several neighborhoods you might consider, including:

The Gulch, 12 South, Hillsboro Village, Waverly, Five Points, Eastland/Walden, Riverside Village, Music Row, West End Circle, Sylvan Park, Belmont-Hillsboro, Edgehill, Lockeland Springs…

“A recent study released by CEOs for Cities shows homes located in walking-friendly neighborhoods–with nearby amenities such as parks, schools, libraries, restaurants, and coffee shops­–sell at higher prices than homes in less walkable neighborhoods.

The data, provided by ZipRealty, was compiled from 94,000 real estate transactions in 15 U.S. markets. The report scored a neighborhood’s walkability by measuring the distance and variety of typical household services, products, and activities. “Walk Scores” from 0-100 were assigned to each area.

“Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” released Aug. 18, found that in 13 of the 15 markets analyzed, higher levels of walkability directly correlate with higher home values. For every one-point increase in a community’s Walk Score, the home values increased $700 to $3,000.

“Walkability is a factor we’ve always considered important for buyers and sellers when bidding or pricing a home. We appreciate that ‘Walk the Walk’ has confirmed this intrinsic value,” says Patrick Lashinsky, CEO for ZipRealty.”

By Erica Christoffer, Contributing Editor, REALTOR® Magazine