Listings that include the word “parking” in their descriptions are often priced higher than properties that don’t include it, according to an analysis by Zillow of for-sale properties in its database in the second quarter of 2013.

For example, in Riverside, Calif., where “parking” showed up in 45.1 percent of the metro’s listings — the most of any of the large metros Zillow looked at — the median list price of those homes was 5.7 percent higher than those that didn’t include the descriptor.

All but one metro (Minneapolis-St. Paul, Minn.) of the 10 large metros where the practice was most common saw a premium, according to Zillow’s analysis. No. 2 Denver and No. 3 Seattle saw premiums of 4.6 percent and 7.3 percent, respectively.

The reasons behind the premium differ, the Wall Street Journal found. In some cities like Seattle where parking is tight in some areas, especially in its popular downtown, a place with parking is more attractive and can fetch more money, Dean Jones, principal and owner of Realogics Sotheby’s International Realty in Seattle, told the Journal.

In others, like Riverside, Calif., located 60 miles east of Los Angeles, parking is not a problem, but extra parking to accommodate affluent buyers’ many vehicles helps make a listing more attractive, the Journal noted.

In Minneapolis-St. Paul, parking is plentiful, so it’s assumed that a home will have ample vehicle storage space, which might explain why advertising a listing’s parking doesn’t result in a premium, Chad M. Larsen, an agent with Coldwell Banker Burnet Realty in Minneapolis, told the Journal.

Source: Wall Street Journal

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription