How Much is Walkability Worth?

Real Estate brokerage Redfin recently ran the numbers from over 1 million homes across 14 metro areas to determine how “Walk Scores” affects home sale prices. In particular, they were looking for the value of one point using that scale. They found that increasing a home’s Walk Score by just one point can increase the price of a home by an average of $3250, or 0.9%. Interestingly, the results greatly differed by metro areas.

“56 percent of millennials and 46 percent of boomers prefer walkable communities with a range of housing amidst local businesses and public services. And like everything rare and desirable, walkability comes at a premium; homes highly “walkable” to amenities, everything else being equal, are more expensive than comparable homes in less “walkable” areas.”