Technology

Top schools equal higher home prices

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

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...