Walk Score and Real Estate Value
“Walkability” has recently become a buzzword in real estate, especially in progessive, environmentally conscious cities. In fact, I’ve noticed that, in this market, homes with high walkability scores can be easier to sell.
Walkability can now be measured automatically. Visit WalkScore.com and you’ll see it in action.
How does this service define walkability? It generates a “Walk Score” that measures the walking distance of a house (or particular location) to any number of destinations like grocery stores, dry cleaners, post office, major public transit (e.g. CalTrains or BART), restaurants, cafes, etc. A score is measured from 0 (car dependent) to 100 (most walkable). The higher the walking score, the higher the walkability.
How does a walk score relate to real estate values? The greater the number of buyers that are interested in a home for sale, the greater the home value. Buyers in San Francisco often want to feel they can have easy access to local amenities; in fact, this is typically one of the top 10 criteria when buyers narrow their focus on where they want to purchase. In fact, a recent study concludes that one point of Walk Score is worth up to $3,000 depending on the metro area. See study (PDF).
Who rates the walkability of a location? Walk Score was launched in July 2007 by “civic software company” Front Seat. It has a grant from the Rockefeller Foundation and is an independent system set up to promote and encourage walkable neighborhoods. Realtors such as myself have found it to be an important tool that offers value to a home in a particular neighborhood. Visit www.walkscore.com to learn the walkability of your home.
Here are a few fun Walk Score facts:
- Overall score of San Francisco is 86
- San Francisco is the highest-ranked city in the US; New York is 2nd (Walk Score: 83)
- The top San Francisco Walk Score location is Chinatown