SANTA CLARA, Calif.,
Aug. 11, 2016 /PRNewswire/
-- Realtor.com®, a leading online real estate destination
operated by News Corp [NASDAQ: NWS, NWSA]; [ASX: NWS, NWSLV]
subsidiary Move, Inc., today released a new study that identifies
the price premium to buy a home in a strong public school district,
as well as the top 10 districts garnering the highest home prices
and demand from buyers. School districts rising to the top are:
Beverly Hills Unified in Los
Angeles; Highland Park Independent School District in
Dallas; Kenilworth School District No. 38 in
Kenilworth, Ill.; Rocky River City School District in
Cuyahoga, Ohio; Clear Creek
Independent School District in Harris,
Texas; and School Town Of Munster School District in
Lake, Ind.
Realtor.com® compared homes located in school districts rated
nine or 10 on the GreatSchools.org 10 point scale to homes situated
in districts rated six or less. The analysis shows homes within the
boundaries of the higher rated public school districts are, on
average, 49 percent more expensive – at $400,000 – than the national median of
$269,000 and 77 percent more
expensive than schools located within the boundaries of the lower
ranked districts with a median of $225,000.
"It's common knowledge that buyers are often willing to pay a
premium for a home in a strong school district," said Javier Vivas, manager of economic research for
realtor.com®. "Our analysis quantifies just how good it is to be a
seller in these areas. 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."
Houses located in these areas, on average, also move eight days
faster than homes in below average school districts and sell four
days faster – at 58 days – than the national average of 62 days.
Additionally, properties within the boundaries of higher-rated
school districts are viewed 26 percent more, on average, than the
average home on realtor.com® (an indicator of buyer demand) and 42
percent more than homes in areas with below average schools.
A look at the top school districts
Highest Price
Premiums
In top-ranked Beverly Hills Unified School
District, homes sell for 689 percent more at $3.8 million than other homes in Los Angeles County at $550,000. That's 1.6 times the premium of homes
located in the Santa Monica-Malibu Unified School District – rated
9 – that covers Santa Monica,
Calif. and Malibu, Calif.
and has a median list price of $2.5
million. Beverly Hills's
price premium is 3.9 times more than Culver City Unified School
District in Culver City, Calif.
that has a rating of 8 and a median list price of $975,000.
The district with the second highest home price premium is
Highland Park Independent School District in Dallas where homes are 632 percent more
expensive at $1.8 million than the
median home in Dallas County at
$277,000. Homes in Highland Park are 3.7 times and 4.4 times more
expensive, respectively, than neighboring districts of Coppell
Independent School District in Coppell,
Texas – rated 9 – with a median of $470,000 and Dallas Independent School District
in Dallas – rated 5 – with a
median of $400,000,
respectively.
Kenilworth School District No.
38 in Kenilworth, Ill., where
homes carry a median sales price of $1.6
million, ranked third in the nation with its home price
premium of 606 percent compared to the Cook County. That's 2.1 times more than the
neighboring district of Wilmette
Public Schools District 39 in Wilmette,
Ill., rated 10 by GreatSchools, with a median list price of
$780,000, and 1.2 times more than
Winnetka School District 36 in
Winnetka, Ill., rated 10, with a
median list price of $1.4 million.
Winnetka School District 36 is
also ranked fifth in the nation for its home price premium.
Rounding out the Top 10 school districts with the highest price
premiums are: Indian Hill Exempted Village School District –
Hamilton, Ohio; Winnetka School District 36 – Winnetka, Ill.; Manhattan Beach Unified School
District – Los Angeles; Scarsdale
Union Free School District – Westchester,
N.Y.; Saddle River School
District – Bergen, N.J.; San
Marino Unified School District – Los
Angeles; and Mariemont City
School District – Hamilton, Ohio.
See chart below for additional detail.
Highest Demand from Home Buyers
The district with the
highest home buyer demand – as measured by realtor.com® listing
views compared to the surrounding county – is Rocky River City School District in
Cuyahoga, Ohio, rated 10, where
listings within district boundaries receive 2.8 times more views
than other areas in Cuyahoga
County. Homes in the Rocky River District also receive 1.7
and 1.5 times more listing views, respectively, than Westlake City School District in Westlake, Ohio ranked 9 by GreatSchools and
Lakewood City School District in
Lakewood, Ohio with a GreatSchools
rating of 6.
Vivas added, "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."
The second most popular school district in the nation for home
buyers is Clear Creek Independent School District in Harris, Texas. It garners 2.2 times the
listing views of Harris County and
1.2 and 1.0 times as many views, respectively, as nearby districts
of Pasadena in Pasadena, Texas (rated 5) and La Porte
Independent School District in La Porte,
Texas.
Coming in as the third most viewed school district for home
buyers, School Town of Munster School District in Lake, Ind., has a GreatSchools rating of 9 and
receives nearly 2.2 more listings views than other homes in the
county. That's 1.36 more views than neighboring district of School
Town Of Highland Independent School District, rated 6, in
Highland, Ind.
Completing the Top 10 list are Orange School District –
New Haven, Conn.; Etiwanda
Elementary School District – San
Bernardino, Calif.; Longmeadow School District – Hampden, Mass.; Strongsville City School District –
Cuyahoga, Ohio; Plymouth-Canton
Community School – District Wayne,
Mich.; and Regional School District 05 School – District New
Haven, Conn. See chart below for additional detail.
School Districts with the Highest Home Price
Premium (vs. County)
Ranking
|
School District
(GreatSchools Ranking)
|
Home Price
Premium
(vs.
county)
|
Other Districts in
Area
(GreatSchools rating,
home price premium vs. county)
|
1.
|
Beverly Hills Unified
School District – Los Angeles (GSR 9)
|
689%
|
Santa Monica-Malibu
Unified School District in Santa Monica and Malibu,
Calif. (GSR 9, 445%);
Culver City Unified
School District in Culver City, Calif. (GSR 8, 110%)
|
2.
|
Highland Park
Independent School District – Dallas (GSR 10)
|
632%
|
Coppell Independent
School District in Coppell, Texas (GSR 9, 170%); Dallas Independent
School District in Dallas (GSR 5, 144%)
|
3.
|
Kenilworth School
District 38 – Kenilworth, Ill. (GSR 10)
|
606%
|
Wilmette Public
Schools District 39 in Wilmette, Ill. (GSR 10, 293%); Winnetka
School District 36 in Winnetka, Ill. (GSR 10 521%)
|
4.
|
Indian Hill Exempted
Village School District – Hamilton, Ohio (GSR 9)
|
600%
|
Forest Hills Local
School District in Cincinnati, Ohio (GSR 9, 145%); Mariemont City
School District in Cincinnati, Ohio (GSR 8,
468%)
|
5.
|
Winnetka School
District 36 – Cook County, Ill. (GSR 9)
|
521%
|
Evanston Township
High School District 202 in Evanston, Ill. (GSR 8, 135%); Skokie
School District 68 in Skokie, Ill. (GSR 7, 125%)
|
6.
|
Manhattan Beach
Unified School District – Los Angeles (GSR 10)
|
520%
|
Redondo Beach Unified
School District in Redondo Beach, Calif. (GSR 9, 182%); Centinela
Valley Union High School District in Lawndale, Calif. (GSR 5;
92%)
|
7.
|
Scarsdale Union Free
School District – Westchester, N.Y. (GSR 10)
|
516%
|
Ardsley Union Free
School District in Ardsley, N.Y. (GSR 9, 168%)
Eastchester Union
Free School District in Eastchester, N.Y. (GSR 9, 143%)
|
8.
|
Saddle River School
District –Bergen, N.J. (GSR 10)
|
478%
|
Ramsey School
District in Ramsey, N.J. (GSR 9, 102%)
Ridgewood Village
School District in Ridgewood, N.J. (GSR 10, 131%)
|
9.
|
San Marino Unified
School District – Los Angeles (GSR 10)
|
469%
|
Alhambra Unified
School District in Alhambra, Calif. (GSR 8, 107%); San Gabriel
Unified School District in San Gabriel, Calif. (GSR 6,
134%)
|
10.
|
Mariemont City School
District –Hamilton, Ohio (GSR 9)
|
468%
|
Madeira City School
District in Cincinnati, Ohio (GSR 10, 468%); Cincinnati Public
Schools, in Cincinnati, Ohio (GSR 5, 89%)
|
School Districts with the Most realtor.com®
Listing Views (vs. County)
Ranking
|
School
District
|
Listing
Views
(vs.
county)
|
Other Districts in
Area
(GreatSchools
rankings, listings views vs. county)
|
1.
|
Rocky River City
School District –Cuyahoga, Ohio (GSR 10)
|
2.81X
higher
|
Westlake City School
District, Westlake, Ohio (GSR 9, 211%); Lakewood City School
District in Lakewood, Ohio (GSR 6, 191%)
|
2.
|
Clear Creek
Independent School District – Harris, Texas (GSR 8)
|
2.21X
higher
|
La Porte Independent
School District, La Porte, Texas (GSR 7, 214%); Pasadena
Independent School District in Pasadena, Texas (GSR 5,
186%)
|
3.
|
School Town Of
Munster School District – Lake, Ind. (GSR 9)
|
2.17X
higher
|
School Town Of
Highland in Highland Ind. (GSR 6, 81%)
|
4.
|
Orange School
District – Orange, Conn. (GSR 9)
|
2.11X
higher
|
Milford Public
Schools in Milford, Conn. (GSR 6, 110%); East Haven Public Schools
in East Haven, Conn. (GSR 4, 66%)
|
5.
|
Etiwanda Elementary
School District – San Bernardino, Calif. (GSR 8)
|
2.08X
higher
|
Alta Loma Elementary
School District in Alta Loma, Calif. (GSR 8, 244%); Central
Elementary School District in Rancho Cucamonga, Calif. (GSR 8,
203%)
|
6.
|
Longmeadow School
District – Hampden, Mass. (GSR 8)
|
2.08X
higher
|
East Longmeadow
School District in East Longmeadow, Mass. (GSR 6, 151%); West
Springfield Public Schools in West Springfield, Mass. (GSR 4,
113%)
|
7.
|
Strongsville City
School District –Cuyahoga, Ohio (GSR 8)
|
2.02X
higher
|
North Royalton City
Schools in North Royalton, Ohio (GSR: 9, 148%); Parma City School
District in Parma, Ohio (GSR 5, 108%)
|
8.
|
Plymouth-Canton
Community School – District Wayne, Mich. (GSR 8)
|
2.02X
higher
|
Dearborn City School
District in Dearborn, Mich. (GSR 6, 88%); Wayne-Westland Community
School District in Westland, Mich. (GSR 4, 94%)
|
9.
|
Regional School
District 05 School – District New Haven, Conn. (GSR 10)
|
1.96X
higher
|
Seymour School
District (GSR 5, 81%) in Seymore, Conn.; Woodbridge School District
in Woodbridge, Conn. (GSR 10, 178%)
|
10.
|
Trumbull School
District – Fairfield, Conn. (GSR 9)
|
1.95X
higher
|
Monroe Public Schools
in Monroe, Conn. (GSR: 8, 148%); Shelton Public Schools in Shelton,
Conn. (GSR 7, 114%)
|
For the latest real estate data, trends and research, please
visit: http://research.realtor.com/.
About realtor.com®
Realtor.com® is the trusted resource for home buyers,
sellers and dreamers, offering the most comprehensive database of
for-sale properties, among competing national sites, and the
information, tools and professional expertise to help people move
confidently through every step of their home journey. As the
official site of the National Association of
REALTORS®, realtor.com® pioneered the world of
digital real estate 20 years ago, and today helps make all things
home simple, efficient and enjoyable. Realtor.com® is operated by
News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. For more information, visit realtor.com®.
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within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's views and
assumptions regarding future events and business performance as of
the time the statements are made. Actual results may differ
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Media Contact:
Realtor.com® – Lexie Puckett
Holbert – lexie.puckett@move.com – 805-557-3151
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SOURCE realtor.com