September 6, 2016 1:18 am
Homeowners in sought-after school districts move to the head of the class when they list their homes for sale, garnering higher offers than sellers in less desirable districts, according to a recently released study by realtor.com®.
“It’s common knowledge that buyers are often willing to pay a premium for a home in a strong school district,” says Javier Vivas, manager of Economic Research for realtor.com®. “Our analysis quantifies just how good it is to be a seller in these areas.”
The study reveals that homes within the boundaries of a strong district are 77 percent more expensive than those within a lesser district and 49 percent more expensive than the national median—$400,000 compared to $225,000 and $269,000, respectively. Homes within the boundaries of a strong district also sell eight days faster than those within a lesser district.
“On average, homes in top-rated districts attract a price premium of almost 50 percent and sell more than a week faster than those located in neighboring lower-ranked school districts,” Vivas says.
The top 10 districts commanding the highest premiums, according to the study, are:
1. Beverly Hills Unified (Los Angeles, Calif.)
2. Highland Park Independent (Dallas, Texas)
3. Kenilworth No. 38 (Kenilworth, Ill.)
4. Indian Hill Exempted Village (Hamilton, Ohio)
5. Winnetka 36 (Winnetka, Ill.)
6. Manhattan Beach Unified (Los Angeles, Calif.)
7. Scarsdale Union Free (Westchester, N.Y.)
8. Saddle River (Bergen, N.J.)
9. San Marino Unified (Los Angeles, Calif.)
10. Mariemont City (Hamilton, Ohio)
The top 10 in-demand districts, or those earning the most listing views on realtor.com®, are:
1. Rocky River City (Cuyahoga, Ohio)
2. Clear Creek Independent (Harris, Texas)
3. School Town of Munster (Lake, Ind.)
4. Orange (New Haven, Conn.)
5. Etiwanda Elementary (San Bernardino, Calif.)
6. Longmeadow (Hampden, Mass.)
7. Strongsville City (Cuyahoga, Ohio)
8. Plymouth-Canton Community (Wayne, Mich.)
9. Regional School District 05 (New Haven, Conn.)
10. Trumbull (Fairfield, Conn.)
“While highly-ranked school districts in these markets have pushed home prices higher than their surrounding areas, the majority of these high-demand markets are relatively affordable when compared to the national median, which is a big factor contributing to their popularity,” Vivas adds.
Published with permission from RISMedia.