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Week of Sept. 8th-Home Prices Now Rising Faster in Car-Dependent Neighborhoods Than in Walkable Places as Buyers Chase Affordability

September 8, 2019

Home-sale prices in walkable neighborhoods across the country increased 2.3 percent year over year to a median $343,900 in July, compared to 4.3 percent annual growth to a median $312,100 for homes in car-dependent areas. 

That’s according to data from Walk Score®, a Redfin company that rates the walkability of neighborhoods, cities and addresses. A place is deemed “walkable” if some or most errands can be accomplished on foot, while “car dependent” means most errands require a car. 

Prices have been rising faster in car-dependent neighborhoods than in walkable neighborhoods since September 2018, around the time the overall market began to cool. For at least the four years prior, home prices generally increased faster in walkable neighborhoods than in car-dependent ones. The trend reversal likely reflects that many homebuyers, chasing affordability, have been priced out of the most walkable neighborhoods. As a result, demand has grown stronger in car-dependent neighborhoods. Read more.



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