While most homeowners may not prefer loud neighbors, a recent analysis released by Realtor.com showed that home prices tend to higher in areas where the neighbor is an outdoor live concert venue.
The analysis, which was done in conjunction with realtor.com subsidiary Move, Inc., and independent ticket marketplace Vivid Seats, examined home prices within one mile (considered “walkable distance”) of 68 outdoor music venues and compared those prices with those in the surrounding ZIP code.
Twenty of the 68 venues showed a 9 percent premium for walkability compared with the surrounding ZIP code, according to the analysis. The biggest disparity was found in Tallahassee, Florida, where homes in walkable distance from the Capital City Amphitheater were found to be 77 percent more expensive (average price of $177,500) compared with home prices in the surrounding ZIP code of 32301.
“Many factors can impact home prices, but our analysis shows that home values can benefit from being in close proximity to outdoor concert venues,” said Jonathan Smoke, chief economist for realtor.com. “Walkability to restaurants and shopping has become an increasingly important feature for home buyers over the last few years, especially millennials. Our analysis shows this desire for close proximity also extends to live music.”
Second on the list was Oklahoma City, where home prices within a mile of the OKC Zoo Amphitheatre were found to be 68 percent higher (at $49,500) than those in the surrounding ZIP code of 73111. Third on the list was Los Angeles, where homes within walking distance of the Greek Theatre at an average price of $2,100,000 were 63 percent more expensive than homes in the surrounding ZIP code.
“Live events like concerts add so much to a community,” said Julia Litz, a spokesperson from Vivid Seats. “The added foot traffic aids local business while the culture and vibrancy of the event add excitement. Plus, for residents of the neighborhood there’s the added benefit of simply walking to and from the venue.”