Redfin reprices walkability

Inventory shortage is making homes in walkable cities too expensive for many.

Builder

In U.S. cities, homes within walking distance of schools, shopping, parks and other urban amenities sell for an average of 23.5%, or $77,668, more than comparable properties that are car dependent, according to a new report from Redfin.

To determine how much walkability is worth when buying or selling a house, Redfin looked at sale prices and Walk Score rankings for nearly 1 million homes sold last year across 16 major U.S. metropolitan areas and two Canadian cities.

About a quarter of active Redfin listings are considered walkable, or have a Walk Score ranking of 50 to 100, although only about 4% are a walker’s paradise, or have a Walk Score of 90 and above. While house hunters are willing to spend more for walkability, the premium they’ve paid for properties in this category has slipped 2.3% since the last time Redfin conducted this report, in 2016, when such homes in the U.S. sold for 25.8% more than car-dependent ones.

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