Some families base their entire housing search on the quality of the
schools near the home for sale. According to Move, Inc., buyers and
sellers in top school districts will often see median home prices range
from 10 to 28 percent higher than homes in lesser performing districts. A
National Education Association study on student performance finds that
nearby affordable housing and stable neighborhoods is a key component to
a student’s success. But buyers still consider factors such as location
to jobs and shopping, freeways and property taxes when evaluating
available homes. The Move Network’s average listing prices for homes in
the nation’s top-3 largest school districts in July of 2010 illustrates
the impact of quality schools on home prices. Average listing price was
over $816,000 in New York, almost $880,000 in Los Angeles and $425,000
in Chicago. The same phenomenon could be seen in lesser known areas. For
example, in Carmel Indiana, a city known for its top schools, Carmel homes for sale came with an average price tag of $459,000. Contrast this to nearby Indianapolis homes for sale, which came with an average active price of $142,000 and it’s dramatic a difference of over 300 percent!
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