Technology

Top schools equal higher home prices

Redfin study finds that even within neighborhoods, schools can have big impact

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An analysis by Redfin illustrates the steep price premiums that homeowners are willing to pay for homes served by top-ranked schools, offering the latest concrete evidence that buyers place remarkable importance on the quality of schools. The sky-high premiums help explain the ongoing race among listing sites to provide razor-sharp school information. They could also add fuel to a debate over whether buyers and the real estate agents representing them give too much weight to rankings, which school officials say don't always provide a complete picture of the differences in the quality of education provided. Redfin’s study found that buyers pay an average of $50 more per square foot for homes served by top-ranked schools than for those served by average-ranked schools. It also found found that, even within the same neighborhoods, buyers will pay substantially more for homes served by top-ranked schools than they do for comparable homes served by average-ranked schools. “H...