The Value of “Green” in Resale Residential Real Estate: Premium by Neighborhood Value Quintile, Homestead Status and Year

Anjelita Cadena and Thomas A. Thomson

Journal of Sustainable Real Estate, 2021, vol. 13, issue 1, 12-29

Abstract: This paper evaluates about 146,000 home sales from the Multiple Listing Service (MLS) of Bexar County (San Antonio), Texas, from January 2009 to April 2019 to measure the extent that a home’s selling price reflects a Green premium which is identified in the MLS. We exclude new houses from this analysis. For the span of our data, we find a 4.2% increase in the sale price of Green homes, holding other features constant. When evaluated by Area (approximate selling price quintile), we find premiums of 6.9%, 5.7%, 1.2%, 3.5%, and 5.3% by order of increasing neighborhood value quintile. When assessing Homestead versus Non-Aomestead homes, we find a premium of 2.8% for Homesteads and 6.4% for Non-Homesteads. Considering the time trend, we found the premium starting under 3% in 2009 and increasing to a little over 5% where it remained for three years and decreased to about 4% in 2014 where it remained through the end of the data in 2019.

Date: 2021
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DOI: 10.1080/19498276.2021.2010388

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