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To determine how much walkability is worth when buying or selling a house, Redfin looked at sale prices and Walk Score® rankings for nearly 1 million homes sold last year across 16 major U.S. metropolitan areas and two Canadian cities.
About a quarter of active Redfin listings are considered walkable, or have a Walk Score ranking of 50 to 100, although only about 4% are a walker's paradise, or have a Walk Score of 90 and above. While house hunters are willing to spend more for walkability, the premium they've paid for properties in this category has slipped 2.3% since the last time Redfin conducted this report, in 2016, when such homes in the U.S. sold for 25.8% more than car-dependent ones.
"The premium drop is tied to affordability. Properties that are more affordable are seeing the most demand and price growth right now, and homes in less walkable neighborhoods often fall into this category," Redfin chief economist
Home-sale prices have been rising faster in car-dependent areas than in walkable places since
The results for this report differed by metro area. In
"
In
Here are the 2019 price premiums for walkable homes, broken down by region:
Location |
Premium for |
Premium for |
Change in |
Walk Score |
Percentage of |
Atlanta, GA |
30.2% |
$74,741 |
-7.9% |
48 |
11% |
Boston, MA |
29.0% |
$140,724 |
2.9% |
82 |
37% |
Chicago, IL |
8.5% |
$21,716 |
-2.6% |
77 |
46% |
Dallas, TX |
6.9% |
$19,309 |
1.1% |
46 |
18% |
Denver, CO |
7.4% |
$30,790 |
-2.0% |
61 |
28% |
Houston, TX |
16.9% |
$39,703 |
2.3% |
48 |
17% |
Los Angeles, CA |
5.8% |
$34,583 |
0.7% |
68 |
52% |
Minneapolis, MN |
4.8% |
$13,257 |
-0.4% |
70 |
20% |
Oakland, CA |
-1.3% |
-$9,477 |
1.0% |
74 |
37% |
Phoenix, AZ |
3.2% |
$9,067 |
-0.7% |
41 |
17% |
Riverside, CA |
3.0% |
$11,387 |
-0.6% |
42 |
12% |
San Diego, CA |
10.5% |
$60,225 |
-0.3% |
51 |
29% |
Seattle, WA |
15.7% |
$86,331 |
-0.1% |
74 |
32% |
St. Louis, MO |
9.2% |
$17,196 |
-1.8% |
65 |
21% |
Tampa, FL |
18.1% |
$41,604 |
6.3% |
49 |
20% |
Toronto* |
15.8% |
$98,631 |
0.2% |
71 |
89% |
Washington, DC |
24.9% |
$102,166 |
0.3% |
76 |
31% |
Vancouver* |
29.5% |
$265,421 |
N/A |
78 |
96% |
*Canadian dollars |
To read the full report, please visit: https://www.redfin.com/blog/how-much-does-walkability-increase-home-values
About Redfin
Redfin (www.redfin.com) is a technology-powered 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 85 major metro areas across the U.S. and
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
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SOURCE Redfin
Redfin, Redfin Journalist Services: Isabelle Novak, 206-588-6863, press@redfin.com