Recent studies and conversations with buyers show that homes that are walkable to the places they want to go to are increasingly popular. Buyers value the ability to walk from their homes to entertainment areas, public transit and job centers. The walkability factor of homes is now raising home values themselves.
“One of the best sources of evidence of the value of walkability is home values,” MarketWatch reports, “and some new evidence confirms that walkability adds to home values, and also shows that walkable homes have held and increased their value more even in turbulent real estate markets.”
The Community Preference Survey by the National Association of Realtors showed that 60% of respondents preferred to live in a neighborhood within walking distance to a variety of businesses.
This is not too surprising. It is much easier to be able to jaunt over to your favorite restaurant or movie theater than to deal with traffic and parking.
“While different places appeal to different people, there’s a growing awareness that walkable neighborhoods with a wide mix of uses provide communities a trump card as they strive to compete in a 21st century economy,” says Brad Broberg in the latest issue of On Common Ground. “Neighborhoods where people can live close to work, get their groceries and grab a beer – all without needing a car – are the magnets that attract many of today’s young professionals. Where they go, jobs follow.”
Data has now shown that between 2007 and 2011, there was stronger job growth in areas that were in so-called walkable neighborhoods. Another piece of evidence showing the affects of walkability on the real estate market is a 2009 study by CEOs for Cities found that in 13 of the 15 markets analyzed, increased walkability in a neighborhood was directly linked to higher home values
. Now, developers are more focused on these walkable areas where values are high.
RE/MAX Paradise has listings of properties in neighborhoods all over Miami. Check out all of the amazing homes available to you today, and contact an agent today!