A recent report titled, “Walking the Walk: How Walkability Raises Home Values in U.S. Cities,” reveals that homes within walking distance of schools, shopping and other amenities are worth more than homes where driving is required. This study looked at 94,000 real estate transactions in about 15 markets to develop a Walk Score algorithm which rates locations from 0 to 100 based on nearby amenities such as coffee shops, restaurants, parks, and libraries. A score of 70 or higher means it’s very easy to get around that area without a car, and the average score is 49.
East Bethesda scored a 94, which puts us in the top ten percent of all scores—a walker’s paradise!
The study also found that in neighborhoods with above-average Walk Scores, home premiums ranged from $4,000 to $34,000. Even a one-point increase in the Walk Score was linked to anywhere from a $500 to $3,000 increase in home values for that area. Compare two actual neighborhoods in Charlotte, NC. One neighborhood’s score was 54, and the median home price was $280,000. In a different neighborhood, where the average Walk Score was 71, similar homes were valued at $314,000.
Walkability doesn’t always equal higher home values, and sometimes home values vary even among places with high Walk Scores. One reason for this might be that some places with high walkability aren’t very attractive in other ways. But where it works, it works very well—and that includes East Bethesda.
If you’d like to check out the walkability of a specific area, click on this link: www.walkscore.com.
Contact me today for expert help buying or selling in the DC, MD, & VA area! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, & Whitehall Condominium.
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