A new study by Redfin has found that Boston homes within walking distance of schools, shopping, parks and other urban amenities sell for $104,724 more than homes that are not, a 29 percent more than comparable car-dependent properties.
Nationally, those figures are 23.5 percent, or $77,668.
To determine how much walkability is worth when buying or selling a house, Redfin looked at sale prices and Walk Score rankings for nearly 1 million homes sold last year across 16 major U.S. metropolitan areas and two Canadian cities.
About a quarter of active Redfin listings are considered walkable, or have a Walk Score ranking of 50 to 100, although only about 4 percent are a walker’s paradise, having a Walk Score of 90 and above. In Boston, the average Walk Score for properties considered was 82, with fully 37 percent of homes hitting the golden mark of a Walk Score of 90 and up.
While American house hunters are willing to spend more for walkability, the premium they’ve paid for properties in this category has slipped 2.3 percent since the last time Redfin conducted this report, in 2016, when such homes in the U.S. sold for 25.8 percent more than car-dependent ones. That trend was reversed in Boston, with walkable homes seeing a 2.9 percent increase in the premium paid. Suffolk County saw a 3.6 percent increase in its median sales price in 2019, according to The Warren Group, publisher of Banker & Tradesman. The city has also seen numerous new luxury condominiums hit the market in the last year in some of its densest neighborhoods.
“Boston is very flat, and one of the most walkable cities around. Parking can be difficult, so people often prefer to live near public transportation. We’ve had standalone parking spots sell for six figures in some neighborhoods,” Redfin Boston team manager April Itano said in a statement. “Our public transportation is great compared to other cities, and it’s pretty easy to get by without a vehicle if you live downtown. We also have a relatively high percentage of residents who prefer to work and live in the city over the suburbs.”
Nationally, though, sale prices rose faster in car-dependent areas as buyers sought out more affordable homes further afield in their metro areas.
“The premium drop is tied to affordability. Properties that are more affordable are seeing the most demand and price growth right now, and homes in less walkable neighborhoods often fall into this category,” Redfin chief economist Daryl Fairweather said in a statement. “There just aren’t as many people who can afford walkable neighborhoods. Many house hunters are also willing to move to less walkable neighborhoods in order to get single-family homes.”