Study Finds Connection Between Neighborhood Walkability and Home Values

By Erica Christoffer, Contributing Editor, REALTOR® Magazine

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.

City	Median Sales Price	Median Walk Score
Arlington, Va.	$393,136	71
Austin	$249,706	62
Bakersfield, Calif.	$224,233	3
Charlotte, N.C.	$279,727	54
Chicago	$386,785	86
Dallas	$231,236	46
Fresno, Calif.	$217,805	49
Jacksonville, Fla.	$179,873	35
Las Vegas	$313,903	43
Phoenix	$311,480	46
Sacramento	$284,076	49
San Francisco	$728,101	57
Seattle	$487,404	68
Stockton, Calif.	$248,513	38
Tucson	$190,194	51

Straying from the trend, Las Vegas’ walkability correlated with lower home prices. And no statistical connection could be made between Bakersfield, Calif.’s walkability and housing values.

“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.

CEOs for Cities is a network of civic, business, academic, and philanthropic urban leaders working to build and sustain American cities. For more information on the Walk the Walk study, visit www.ceosforcities.org.