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.

Rank

Neighborhood

% of Homes With Green Features

1

Malvern (Cleveland, OH)

66%

2

Fenway (Cleveland, OH)

60%

3

Chestnut Hill (Philadelphia, PA)

59%

4

Spruce Hill (Philadelphia, PA)

59%

5

Red Hook (Brooklyn, NY)

59%

6

Baker Ranch (Orange County, CA)

58%

7

Echo Ridge Village (Orange County, CA)

57%

8

Georgetown (Seattle, WA)

56%

9

Painted Trails (Orange County, CA)

56%

10

Mercer (Cleveland, OH)

55%

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."

To read the full report, complete with quotes and graphics, please visit:
https://www.redfin.com/blog/2018/04/the-top-10-neighborhoods-for-green-homes-in-2018.html

About Redfin
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.

 

CONTACT:  Redfin Journalist Services: Natalie Schwab, 206-588-6863, press@redfin.com