Residential Property Values in a Multinodal Urban Area: New Evidence on the Implicit Price of Location

Paul Waddell, Brian J L Berry and Irving Hoch

The Journal of Real Estate Finance and Economics, 1993, vol. 7, issue 2, 117-41

Abstract: The monocentric model predicts a housing price gradient from the central business district, and it follows that the extension of this model to account for modern multinodal metropolitan areas would predict housing price gradients from multiple employment centers. Empirical analysis using hedonic regression techniques for the estimation of price gradients in a nultinodal context is limited. This study extends prior work by exploring nonlinear housing, price gradients in a multinodal urban area with an unusually robust database of housing sales transactions, and using a geographic information system for spatial analysis. The results confirm the importance of non-CBD employment centers, a strong if asymmetric CBD price gradient, and significant nonlinear gradients from such other urban amenities as major retail sites and highways. Copyright 1993 by Kluwer Academic Publishers

Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:kap:jrefec:v:7:y:1993:i:2:p:117-41

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