School performance is emerging as a top influencer on the Boston downtown condo for sale market, and it’s just as true in Boston. Every parent wants to give their child the best possible education, and for many, living near a highly rated school is the way to do that. You may strongly agree or disagree, but it is impacting Boston downtown/midtown condo values here in Boston and also across the country
What about Boston condominium buyers who don’t have children, who simply want to make the best real estate investment? Research shows that where school performance excels, so do real estate values.
- National Association of Realtors survey found that 91% of buyers pay attention to school district boundaries when they’re searching for a home. And 50% said they would pay extra for a home near the right school.
- A study of 100 major US metros by the Brookings Institution found that home values averaged $205,000 higher in neighborhoods with high-scoring schools.
- Another NAR study looked at home values in areas across the country near schools ranked highly (9 or 10 out of 10) on Greatschools.org. They found these homes to be “on average, 49% more expensive—at $400,000—than the national median of $269,000, and 77% more expensive than schools located in lower-ranked districts in their own area, with a median of $225,000.”