It pays to live in a good school district — regardless of whether you have children.
Homes in the nation’s top-rated public school districts sell for more money, sell faster and are viewed more often than other homes, according to a new analysis by Realtor.com.
The site examined certain characteristics of all homes listed during the first half of this year. These properties were categorized based on how their respective public school districts are rated by the nonprofit GreatSchools.
They found that homes listed for an average of about $400,000 in school districts that were rated at least 9 out of 10. That amount is:
- 49 percent more than the national median list price ($269,000)
- 77 percent more than the median list price of homes in lower-rated districts ($225,000)
To put this in perspective, our findings show that, in most markets, families are willing to pay more for a highly ranked school than an extra bedroom, a shorter commute, and even big home features such as a swimming pool, higher ceilings, sport courts, and even a private dock.
The analysis also found that homes in public school districts rated 9 or 10 by GreatSchools sell in an average of 58 days, which is:
- Four days faster than the national median (62 days)
- Eight days faster than homes in lower-rated districts
Homes in the highly rated public school districts are also viewed, on average:
- 26 percent more than the average home on Realtor.com.
- 42 percent more than homes in lower-rated districts.
The 10 school districts in which homes command the highest price premiums compared with homes in the rest of the same county are:
- Beverly Hills Unified School District, Los Angeles County, California
- Highland Park Independent School District, Dallas County, Texas
- Kenilworth School District No. 38, Cook County, Illinois
- Indian Hill Exempted Village School District, Hamilton County, Ohio
- Amagansett Union Free School District, Suffolk County, New York
- Winnetka Public Schools District 36, Cook County, Illinois
- Manhattan Beach Unified School District, Los Angeles County, California
- Scarsdale Union Free School District, Westchester County, New York
- Rancho Santa Fe Elementary School District, San Diego County, California
- Saddle River School District, Bergen County, New Jersey
What’s your take on these findings? Share your thoughts below or on Facebook.