What’s that noise?
Turns out homebuyers typically have a preference when looking at home near notoriously noisy areas. What does it cost the sellers?
The realtor.com® team analyzed nine “major noise factors” and how they impacted home prices of homes near them.
Not surprisingly, airports are the highest offender. Sellers of homes within two miles of an airport are listing, on average, 13.2 percent below the average listing in their zip code. Relatedly, railway tracks within a tenth of a mile of a home for sale will see a discount of 12.3 percent, compared to other homes in the zip code. This is followed by highways within a tenth of a mile, where homes will see a dip of 11.3 percent, compared to other homes in the zip code.
On the other end of the spectrum, people living within a tenth of a mile of a fire station only see a decrease of 1.8 percent, compared to other homes in their zip code. Schools are another one, homes within a tenth of a mile see a decline of 4.3 percent, compared to other homes in their zip code, as some parents may see this as a positive thing. Yet, homes a little further away from schools, such as 1 to 5 miles generally see a jump in prices, up to 8.6 percent.
A 24-hour supermarket within a tenth of a mile will typically see a decline of 5 percent in price of the home. However, realtor.com® points out that a good store in the area generally increases home prices by 3.4 percent.
The other factors realtor.com® included in the study were busy roads within a tenth of a mile (9.5 percent decrease), a hospital emergency room within a half of a mile (7.6 percent) and a busy church within a half of a mile (5.2 percent).