Richmond VA Condos

  • A Must Read for Condo Buyers
  • 804.767.7566
  • The Sarah Jarvis Team
  • Big Projects
    • Ginter Place
    • GreenGate
    • Libbie Mill
    • Monument Square
    • Rocketts Landing
    • Riverside On The James
    • Vistas on the James
    • West Broad Village
  • By Neighborhood
    • Downtown Richmond
    • Fan and Museum District
    • Church Hill
    • Jackson Ward and Carver
    • Manchester
    • West End and Glen Allen
  • Around The Colleges
    • Near VCU
    • Near VCU Medical (MCV)
    • Near VUU
  • One-Click Searches
  • Blog
  • Stats
  • Rentals

Report: Walkability Increases Home Values

You’ll notice that we’ve included the ‘Walkability Score’ for the condos we’ve highlighted on our site…for good reason! Not only is ‘walkability’ a lifestyle joy, a new report indicates that it translates directly into increases in value.

Indeed, the report indicates:

Homes located in more walkable neighborhoods—those with a mix of common daily shopping and social destinations within a short distance—command a price premium over otherwise similar homes in less walkable areas. Houses with the above-average levels of walkability command a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied.

The report is comprehensive, looking at several dimensions of ‘walkability’:

Our analysis of walkability and its connection to urban housing values unfolds in five parts. First, we explore the concept of walkability, what it is and how it is measured. We describe the Walk Score measure developed by Front Seat and how it provides a tool for measuring the relative accessibility of common destinations to housing units. Part two discusses the tool of hedonic analysis developed by economists to decompose the contribution of different attributes to the value consumers place on complex products. Part three outlines the data we use to analyze home values and neighborhood characteristics. Part four lays out the results of our hedonic modeling and the relative contribution of walkability to housing prices. Part five discusses the economic and policy implications of our findings and suggests next steps for further research.

It’s a 30-page report and interesting reading, but the bottom line is this:

After controlling for all of these other factors that are known to influence housing value, our study showed a positive correlation between walkability and housing prices in 13 of the 15 housing markets we studied. In the typical market, an additional one point increase in Walk Score was associated with between a $700 and $3,000 increase in home values.

The full report is located here.

What do you think?

For more information, goto Richmond Virginia Condos.

Related Posts

Filed Under: Market Updates

804.767.7566


How Do I Schedule a Showing or Find Out More?

I am Kendall C. Kendall, Client Care Coordinator for the team. I am a licensed Realtor and it's my job to answer questions and schedule showings for the properties shown on our sites. Here's our call policy.
kendall@richmondvamls.net

Working with Buyers

Working With Buyers

I am Sarah Jarvis, Broker at One South and I work with our buyers. I bring 20+ years of experience to our Buyers Advocacy program and take great pride in helping our clients understand the RVA marketplace.
sarah@richmondvamls.net

What You Should Know About Condo Financing

Price Point Searches

  • Condos, less than $125,000
  • Condos between $125k and $200k
  • Condos between $200k and $300k
  • Condos between $300k and $500k
  • Condos over $500k

# Bedroom Searches

  • Condos with 1-bedroom
  • Condos with 2-bedrooms
  • Condos with 3-bedrooms
  • Condos with 4 or more bedrooms

By Neighborhood

  • Condos In Downtown Richmond
  • Condos In The Fan/Museum District
  • Condos In Manchester
  • Condos In Jackson Ward and Carver
  • Condos In Church Hill
  • Condos in West End, Short Pump & Glen Allen

Big Projects

  • Ginter Place
  • GreenGate
  • Libbie Mill
  • Monument Square
  • Rocketts Landing
  • Riverside on the James
  • Vistas on the James
  • West Broad Village

Find Us

One South Square Logo

2314 West Main Street
Richmond, VA 23220
804.767.7566
kendall@richmondvamls.net

Accessibility
Copyright

Lending

Richmond Home Loans Thru Southern Trust Mortgage

Chris Owens
Branch Manager / Loan Officer
NMLS# 211853
804.909.0184
email Southern Trust Mortgage

Tweets

  • It’s wise to follow mortgage rates, but don’t get to caught up nitpicking the rates, because once your locked in th… https://t.co/qLAjQT1QNf March 10, 2023 7:39 pm
  • Are you viewing a housing asset correct? ⁣ #rvahousing #rvarealtor #rvarealtors #rvahousinginsights… https://t.co/gJtuSo6Wkh March 10, 2023 7:35 pm
  • Your miscalculation could cost you. ⁣ #rvahousing #rvarealtor #rvarealtors #rvahousinginsights #onesouthrealtygroup… https://t.co/RqwoqwXaKH March 10, 2023 7:08 pm
  • Don’t lose money in real estate. Work with a trusted agent to build wealth through real estate. ⁣ #rvahousing… https://t.co/IRTHSroHBL March 10, 2023 7:05 pm
Our Network of Sites: RichmondVaNewHomes.net, RichmondVaMLS.net, RichmondLuxuryNeighborhoods.com,
RichmondFanRealEstate.net, RichmondVaMLSSearch.net, ChesapeakeBayMLS.com
Housekeeping: RVA Condos sitemap, Listings sitemap

All of the information displayed here is deemed to be gathered from reliable sources but no warranties, either express of implied, are made part of this site. Additionally, the IDX Feed for listing information may contain descriptions of properties not represented by One South Realty, its agents or staff and any violations or misrepresentations are the sole responsibility of the listing brokerage of the subject property in violation.


Equal Opportunity Realtor Disclaimer

I agree to provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, national origin or sexual orientation of any prospective client, customer, or of the residents of any community. Any request from a home seller, landlord, or buyer to act in a discriminatory manner will not be fulfilled.