Rising real estate values should be music to any homeowner’s ears, and it turns out values tend to rise quickly for properties within walking distance of a music venue.
A recent analysis by realtor.com and ticket marketplace Vivid Seats looked at home prices within one mile of 68 outdoor concert venues, comparing prices with homes in the rest of the Zip code. It found 20 venues carried a 9% premium for homes within walking distance.
“Many factors can impact home prices, but our analysis shows that home values can benefit from being in close proximity to outdoor concert venues,” said Jonathan Smoke, chief economist for realtor.com. “Walkability to restaurants and shopping has become an increasingly important feature for home buyers over the last few years, especially Millennials. Our analysis shows this desire for close proximity also extends to live music.”
It’s not that music fans have more money to spend on homes. More likely, a home within walking distance to an outdoor music venue – most often found in parks – is also located near shopping and restaurants, and might be in an overall highly-walkable neighborhood. Whether a music venue is worth more than a great Thai restaurant is hard to quantify.
Where music matters most
The Capital City Amphitheater in Tallahassee seems to carry the highest premium. The the median homes within walking distance are 78% more expensive, at $177,500, than the surrounding 32301 ZIP code.
Houses within a mile of OKC Zoo Amphitheatre in Oklahoma City came in second, carrying a 68% value premium compared to the rest of the homes in the 73111 Zip code.
Homes within one mile of the Greek Theatre in Los Angeles, ranked third at a 63% premium.
“Live events like concerts add so much to a community. The added foot traffic aids local business while the culture and vibrancy of the event add excitement,” said Julia Litz, a spokesperson from Vivid Seats. “Plus, for residents of the neighborhood there’s the added benefit of simply walking to and from the venue.”