Buyers consider many factors when selecting a home. They often focus on appearance, size, layout, age, and proximity to amenities. In some communities, however, no factor is more important than the school district.
In fact, a 2013 realtor.com® survey of nearly 1,000 prospective home buyers showed that 91 percent said school boundaries were important in their search. This statistic is particularly interesting because many these buyers did not have school-aged children. Nevertheless, they considered school quality to be an important factor in the overall value of the homes they were considering.
Not surprisingly, home prices tend to be higher in areas with highly regarded schools. The National Bureau of Economic Research and the Brookings Institute recently found that homes near high-performing schools sell for an average of $205,000 more than homes near low-performing schools.
Ken Corsini published an interesting article on this topic called “Do Schools Affect Property Values?”. Looking at home prices in 2006 and then in 2009 in Metro Atlanta, Corsini determined that homes near highly-ranked schools weathered the real estate downturn much better than homes with lower-ranked schools nearby.
Whether or not you have school age children, the school district in which your home is located can dramatically impact value.
If you are thinking of making a move, please reach out so that we can discuss school districts and help you make the best possible investment for your needs.