Home >> Daily Dose >> Head to Cleveland for Green Homes
Print This Post Print This Post

Head to Cleveland for Green Homes

Eco-friendly homes aren’t just good for the earth, but also for homeowners’ pockets according to a study by online real estate brokerage firm Redfin. The analysis found that green homes sold for $46,532 more on average in 2017 than homes without green features. And leading the pack were neighborhoods of Shaker Heights in Cleveland, Ohio that promote sustainable living.

For the rankings, Redfin analyzed real estate listings for all homes in Redfin markets sold between January 2017 and April 2018 and identified those that mentioned one or more green features such as energy efficient, solar, and LEED.

With 66 percent homes with green features and a median sale price of green listings at $460,000 Malvern in Shaker Heights, Cleveland, Ohio earned the top spot in these rankings, followed closely by neighboring Fernway where 60 percent of the homes had green features with a median listing price of $229,650.

Redfin said that Shaker Heights authorities worked hard to promote sustainable living among its residents. The city offered initiatives such as recycling programs, home energy assessments, energy incentive programs, and access to financing for solar panels to help homeowners reduce their carbon footprint.

Philadelphia, which had earned the top spot last year had two neighborhoods snag the third and fourth spot this year. Both, Chestnut Hill and Spruce Hill boasted 59 percent homes each that had green features. In fact, Chestnut Hill had its own Office of Sustainability, focusing on improving the quality of life in the area and encouraged residents to grow their own food, reduce food waste, conduct home energy audits, and explore solar initiatives.

Red Hook in Brooklyn, New York rounded off the top five with 59 percent homes with green features. Although its median sale price of green listings was the highest among all 10 neighborhoods at $1.8 million.

Baker Ranch, Echo Ridge Village, and Painted Trails in Orange County, California were ranked sixth, seventh and ninth respectively. Georgetown in Seattle Washington was ranked eighth. Listed at number 10 on the ranking was another Cleveland neighborhood, Mercer, that had 55 percent homes with green features and a median sale price of green listings at $297,500.

About Author: Radhika Ojha

Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her master’s degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Dallas, Texas. You can contact her at Radhika.Ojha@theMReport.com.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Homebuyers and Rising Interest Rates

With slower price gains forecast in the housing market, those looking to buy a home may feel their luck is changing. But how will interest rate hikes affect their mortgage payments?

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.