Home buyers are willing to fork over premium prices to live in a top-ranked school district, according to a new study from Redfin. Buyers are spending an average of $50 more per square foot for homes near top-notch schools. The price difference even applies to homes in the same neighborhoods.
“Homes just a short distance apart with nearly identical attributes are selling for drastically different prices,” the report says. “We’ve looked across the country at homes that have sold in the last three months and found five examples where prices vary on identical homes by as much as $130,000.”
Coastal California is where home buyers pay the biggest difference to live near top-ranked schools. Seattle comes in 8th on the list.
Read more from the study here.