According to Redfin houses near top ranked schools are selling on average $50 more per square foot than houses that are not. Redfin analyzed home prices compared to the test scores of elementary schools across the country. Home prices in highly ranked public schools are remarkably higher than those served by lower ranked schools. That was expected. The surprise was in how large the difference is. In some markets, the difference amounted to hundreds of thousands of dollars for similar homes in the same neighborhood.
In Beaverton A Good School Can Mean A Substantially Higher Price
Many assume that better school areas have bigger, higher quality homes on larger lots in prime locations. But when accounting for size people pay $50 more per square foot on average for homes in top-ranked schools compared with homes served by average-ranked schools. This means that two nearly identical 2500 square foot homes located near each other but served by different schools could be $125,000 apart in value. Results vary around the country. Redfin included two Beaverton elementary schools, Cooper Mountain and Errol Hassell, and found the difference for similar 4 bedroom, 2.5 bath, 2100 SF homes half a mile apart to be $43,000.
Are higher ranked schools a result of better homes? Or do good schools raise home values? We don’t think that the homes on their own do anything. If people who value and support public education also tend to buy more expensive homes, the neighborhood schools benefit. Good schools, in turn, raise home values, and they raise them a lot more than we usually think. The good news is that there are neighborhoods left where homes are relatively affordable in highly ranked school areas. Redfin listed some examples, and McKay Elementary in Beaverton was included.
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