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How Schools Impact Home Values

Thursday, September 1, 2022   /   by Margie Wright

How Schools Impact Home Values

There's always a long list of wants and needs when you start the home buying process. Those that are home hunting with kids have some additional needs. Homes need to be in good areas, clean and safe neighborhoods, and especially reputable schools. Education drives many buyers' financial decisions. That means that education has a large impact on the residential real estate market. 

Properties in ideal locations often see price spikes in order to offset high demand. Those properties that are within walking or short driving distance to good schools normally see these price spikes. That doesn't mean you can't find an affordable, fantastic home in one of these areas, though! Sometimes you have to look further out, though, to meet your financial limits. Truly, this can be great as you may find a hidden gem amongst the other options.

Education as a Factor in Home Searches
School district quality and convenience are one of the top things that home buyers with children are looking for. Much of the home search for them will be about the schools in the area to see what they're like and how other people that have been in the area like the different schools. In fact, it's not uncommon for home buyers to change their location search based on what they've found out about the schools. 

This impact comes to mean that the homes in the are of the school districts with highly rated schools will some differences in pricing. Location, location, location really comes true in this situation! It is possible to see slightly higher prices if the home is in close proximity to a highly rated school.

Proximity to Good Schools
So what defines a "good" school? Good schools are usually academically rigorous, maintain high attendance and graduation rates, typically generate higher standardized test scores, good teachers, and offer plenty of extracurricular activities for students to get involved in. 

The driving commute is also a factor. The shorter the drive, the better the home's chance of being priced slightly higher because of higher demand. There will be much more demand for homes that are within close proximity to a good school as opposed to other areas. This could mean that you have to look outside of certain communities, lengthen your commute times, or consider other areas. But again, this isn't necessarily a bad thing because of the hidden gems that are out there.

School districts will likely always directly impact the housing market. This doesn't mean that you won't find a great home, though. It may just mean getting more creative or having to adjust your budget accordingly! When in doubt, you can always ask your real estate agent about the local schools or what to do when you're debating hard things about where to live in regards to school districts. They'll know the answers to your questions and help guide you on the right path!

  homes, tips, homebuyers, buyers, first time buyer, real estate market, relocating, relocation

Hurst Real Estate and Auction - Margie Wright Property Marketing Group
Margie Wright
221 East Main Street, Suite 103
Morristown, TN 37814

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