One of the top considerations when it comes to finding a new home, is the quality of schools in the area. Sulman Quraishi, owner of Engel & Volkers in West Hartford, joined the Fox CT Morning Extra to talk about housing prices based on school zones.
How do they come up with the school zone boundaries?
Redfin took a look at homes on Multiple Listing Services (MLS),
databases used by real estate brokers, that sold between May 1 and July 31, 2013 to calculate median sale price and price per square foot of homes within school zones. School zone boundaries were provided by Maponics. School data and school test scores were provided by Onboard Informatics and GreatSchools. School service boundaries are intended to be used as reference only. To verify enrollment eligibility for a property, contact the school directly. The percentile rankings are based on test scores for each of the schools in this report. School and home coverage consisted of 10,811 elementary school zones across 57 metro areas and included 407,509 home sales.
Are higher ranked schools a result of better homes?
People sometimes assume that better school districts tend to have bigger homes, higher quality homes, larger lots, or a more prime location (views, quiet streets, etc).
REDFIN debunked that assumption.
When accounting for size, on average, people pay $50 more per square foot for homes in top-ranked school zones compared with homes served by average-ranked schools.
How much more for a top-ranked versus an average-ranked school zone?
Every metro area in this report has higher prices for homes served by top-ranked public elementary schools. Coastal California leads the way in terms of cost, with homes in the highest-ranking school zones running from $300,000 more in Los Angeles to nearly $500,000 more in San Jose. Although the dollar cost differences in Miami and Phoenix were not as great, homes in the top-ranked school zones were still more than twice the price of homes in the average-ranked school zones, going from about $150,000 to $300,000 in median home sale price.
Engel & Völkers began in 1977 as a specialty boutique real estate agency providing high-end services to an exclusive clientele. Today, the company is a global leader in the sale and lease of premium residential and commercial property and yachts.
To find out more about Engel and Volkers, go to: westhartford.evusa.com.