Higher Walk Score Translates to Higher Sales Price
Many buyers prefer living near shops and restaurants. They like the idea of being able to fall out of bed and get their favorite specialty coffee or pick up some bananas and a rotisserie chicken on the way home from work.
For my entire career, I have been telling buyers that I can help them find a home near College, Piedmont or Solano Avenues, but the shorter the walk, the more they will pay. Not long ago, www.walkscore.com came on line to quantify how close a house is not only to stores and restaurants, but also parks, schools, the library, etc.
A recent study has now measured in a different way what I already know from so many years as an Oakland and East Bay Realtor. The study, “Walking the Walk,” found that, in 13 out of 15 metropolitan areas, higher levels of walkability were directly associated with higher home values. Typically, one additional point of Walk Score increased value from $500.00 to $3000.00. The largest gains were in the most dense, urban areas.
Neighborhoods with greater than average Walk Scores reflected a premium that ranged from $4000.00 to $34,000.00. This is just another validation of the real estate maxim that location is the key component of value.