November 17th, 2012 3:00 PM by Ron Mastrodonato
in Tips for Home Buyers
Some families based 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!