DataLifestyle

Outdoor music venues can boost nearby home values, study says

Realtor.com and Vivid Seats find a trend of pricier homes where concert walkability is high
  • Homes in a one-mile radius of 20 outdoor venues nationwide posted an average 9 percent premium compared to their surrounding ZIP codes.
  • Homes near the Greek Theatre in L.A. have a 63 percent premium compared to the rest of the surrounding ZIP.
  • Ravinia in Highland Park, Illinois helps homes reach a 24 percent premium.
  • Miami homes near Bayfront Park are 9 percent more expensive than the overall ZIP.

Buying a home next to a music venue -- especially outdoor music venues -- comes with different circumstances, both financially and to your lifestyle. Despite the noise concern, venue proximity often improves walkability, creating a premium for nearby home prices. A new study from realtor.com and Vivid Seats evaluated home prices near open-air concert settings to find homes next door to venues priced higher than the overall ZIP code. The Move live event ticket marketplace examined home prices within one mile of 68 outdoor music venues nationwide. The data revealed homes near 20 venues throughout the U.S. post an average premium of 9 percent compared to their surrounding ZIP codes. Realtor.com "Walkability to restaurants and shopping has become an increasingly important feature for homebuyers over the last few years, especially millennials,” Jonathan Smoke, chief economist for Realtor.com, said in a statement. “Our analysis shows this desire for close proximity a...