In what could charitably be described as one of the most peculiar housing market data analyses in recent times, Realtor.com has teamed up with the online ticket marketplace Vivid Seats to determine the connection between home prices and outdoor music venues that can be accessed via walking.
“Many factors can impact home prices, but our analysis shows that home values can benefit from being in close proximity to outdoor concert venues,” said 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.”
Realtor.com and Vivid Seats number-crunched home prices within a one mile walk of 68 outdoor concert venues, and then compared them with the home prices in the surrounding ZIP code. The result of this study: 20 venues had at least a nine percent premium for walkability to the venue when compared with properties in the surrounding area that were not easily accessible by foot.
The Capital City Amphitheater in Tallahassee, Fla., was named the top venue where the median homes within walking distance were more expensive than the surrounding area—in this case, 78 percent higher at a median price of $177,500. Homes located within a mile of OKC Zoo Amphitheatre in Oklahoma City were found to be 68 percent more expensive than the surrounding area, at $49,500, while homes within one mile of the Greek Theatre in Los Angeles, were 63 percent higher at $2,100,000 than the surrounding neighborhoods.
“Live events like concerts add so much to a community,” said Julia Litz, a spokesperson from Vivid Seats. “The added foot traffic aids local business while the culture and vibrancy of the event add excitement. Plus, for residents of the neighborhood there’s the added benefit of simply walking to and from the venue.”
