Outdoor music venues push up house prices
Living within walking distance of an outdoor music venue can have a positive effect on house prices, a new analysis of the US property market has revealed.
A study by secondary ticket outlet Vivid Seats and online estate agent realtor.com, which surveyed the price of property within a mile of 68 concert venues and compared it to the surrounding ZIP (post) code, revealed that homes located close to 20 venues showed at least a 9% bump in value compared to those lying outside the same one-mile radius.
The biggest premium was seen in houses within a mile of the 3,500-capacity Capital City Amphitheater in Tallahassee, Florida, where homes were on average 78% more expensive, at $177,500, than the surrounding ZIP code.
“Walkability to restaurants and shopping has become an increasingly important feature for home buyers… Our analysis shows this also extends to live music”
Houses located within a mile of AEG’s 8,500-capacity OKC Zoo Amphitheatre in Oklahoma City, meanwhile – second on the list – are on average 68% pricier, while homeowners living near the third-placed Greek Theatre in Los Angeles are sitting on 63% more equity than those in the next postcode, bringing the average house price up to $2.1m.
The Investor Amphitheatre in Gainesville, Georgia (60%), Cincinnati Playhouse in the Park (46%), Oregon Zoo Amphitheatre in Portland (41%) and the Levitt Shell in Memphis, Tennessee (40%), placed fourth, fifth, sixth and seventh, respectively.
“Many factors can impact home prices, but our analysis shows that home values can benefit from being in close proximity to outdoor concert venues,” says Jonathan Smoke, chief economist for realtor.com. “Walkability to restaurants and shopping has become an increasingly important feature for home buyers over the last few years, especially millennials. Our analysis shows this desire for close proximity also extends to live music.”
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