|April 20, 2018|
|Redfin Ranks the Top 10 Neighborhoods for Green Homes in 2018|
Green Homes Sold for $46,532 More on Average Than Homes Without Green Features in 2017
Sustainability Efforts Pay Off in Cleveland, Where Three Shaker Heights Neighborhoods Made the List
SEATTLE, April 20, 2018 /PRNewswire/ -- (NASDAQ: RDFN)-- Green homes sold for $46,532 more than homes without green features in 2017, according to Redfin (www.redfin.com), the next-generation real estate brokerage. To determine that figure, Redfin data scientists analyzed real estate listings for all the homes sold between January 1, 2017 and April 2018 in more than 80 major metropolitan areas. Redfin identified the homes with one or more green features and compared the median price of those homes ($569,378) with the median price of all homes sold in the time period ($522,845).
The study also looked at which U.S. neighborhoods have the greatest number of eco-friendly homes, based on the percentage of homes that mentioned one or more "green" features in real estate listings. Cleveland, OH and Orange County, CA dominated the list, both having three neighborhoods in the top 10.
Malvern, Fenway and Mercer are all in Shaker Heights, a suburb of Cleveland that works hard to promote sustainable living. To encourage residents to reduce their carbon footprint, the city offers a recycling program, home energy assessments, energy incentive programs, access to financing for solar panels and more. Redfin real estate agents say that work is evident.
"As our homes age, it's important to not only preserve the classic architectural charm of Shaker Heights but update them to meet today's modern lifestyle," said Redfin Cleveland agent Danielle Parent. "Homebuyers are drawn to the historic, classic-style tudors that adorn the tree-lined streets of Shaker Heights, but many homes, because of their age, are in need of significant updates. The city has done a tremendous job of communicating the resources that are available to homeowners to help them implement eco-friendly features like solar panels and energy-efficient windows. The city was ahead of the curve and has been an ardent supporter of reducing its carbon footprint since 2002."
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