How important are your neighbors when it comes to home values?
What if your view is waist-high weeds or the proverbial Camaro resting on cinder blocks waiting for an overhaul that will never happen? Sometimes who you live next to can have a dramatic impact on your home’s value. With Major League Baseball’s 2016 season kicking off this week, researchers at Trulia (data and analytics firm) took a look at all 29 U.S. stadium neighborhoods to see which ones have a positive influence on local (within one square mile) home prices, and which ones do not. Among several trends, the study found that most stadiums built recently (since 1999) tend to be located in high-price neighborhoods (12 out of 14), while for older stadiums, roughly half are in neighborhoods with lower median prices than the rest of the city.
At the top of the list, the New York Yankees new stadium (built in 2009 in the Upper East Side of Manhattan) is in one of the most expensive markets in the city, with a median home price 81.7% higher than the rest of the metro area. On the other hand, the Oakland Athletics have been trying to leave the O.co Coliseum (built in 1966) for years, and it can’t help that home prices around the stadium are 55.9% less than the rest of Oakland’s housing market. What about the Chicago Cubs, who most experts predict have the best chance to win the World Series? The neighborhood surrounding Wrigley Field (build in 1914 – the second-oldest stadium) has a 22.3% premium compared to the rest of Chicago.
Top 5 Stadium Markets (relative to metro values)
Yankee Stadium (built 2009): 81.7% higher near stadium ($740,106 vs. $407,379 in metro New York). Minute Maid Park (built 2000): 79.2% higher near stadium ($306,686 vs. $171,162 in metro Houston). Fenway Park (built 1912): 66.3% higher near stadium ($658,396 vs. $395,937 in metro Boston) Great American Ball Park (built 2003): 56.8% higher near stadium ($226,140 vs. $144,210 in metro Cincinnati). Comerica Park (built 2000): 48.4% higher near stadium ($92,145 vs. $62,101 in metro Detroit).
Bottom 5 Stadium Markets (relative to metro values)
O.co Coliseum (built 1966): 55.9% lower near stadium ($279,518 vs. $633,640 in metro Oakland). Miller Park (built 2001): 52.5% lower near stadium ($93,370 vs. $196,675 in metro Milwaukee). Kauffman Stadium (built 1973): 51.6% lower near stadium ($71,253 vs. $147,202 in metro Kansas City). Marlins Park (built 2012): 35.3% lower near stadium ($162,267 vs. $250,767 in metro Miami). Tropicana Field (built 1990): 35.2% lower near stadium ($106,462 vs. $164,206 in metro Tampa).
So how does your city’s stadium stack up? When moving to a new city, does it make sense to buy near the local baseball stadium? Click here to find out!