An increase of one Walk Score point can increase the price of a home in the Boston area by an average of $3,927, or 1.21 percent of a home’s value, according to a recent report from real estate firm Redfin.
Walk Score is a Redfin-owned measure of walkable proximity to amenities such as parks and retail. The higher the Walk Score—it’s a 100-point scale—the more walkable the area. And, presumably, the more desirable, too, at least according to these latest figures (and, let’s face it, folks around here will pay a premium to live in the thick of things rather than farther out).
Compared with the other 13 major metro regions that Redfin tracked, the price increase due to walkability was particularly sharp for Boston. Across all 14 areas, one Walk Score point added $3,250 on average, or 0.9 percent, to a home’s value. That’s about $700 less than what a point adds here.
As for the Boston-area luxury sector, Redfin found that a high Walk Score has less of an impact on pricing, "with each point increasing a property value by $7,385, or 0.75 percent, [a]n indication that some luxury buyers prioritize acreage and seclusion over walkability."
The methodology involved comparing the Walk Scores and the sales prices of homes traded since 2014.
- How much is a point of Walk Score worth? [Redfin]
- How much is walkability worth in your neighborhood? [Curbed]
- Boston price comparison: What $800,000 buys right now [Curbed Boston]
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