The Resilience of the Premium for Homes in New Urbanist Neighborhoods

Edmund Zolnik

Journal of Sustainable Real Estate, 2016, vol. 8, issue 1, 145-167

Abstract: In this study, I analyze longitudinal differences in single-family home prices in two new urbanist neighborhoods versus surrounding conventional neighborhoods. Using data on 78,513 single-family home sales transactions in Montgomery County, Maryland, I adopt a novel multilevel methodology to assess the effects of neighborhood demographic, economic, and locational characteristics as well as the effects of year on home prices. Results support empirical evidence on the premium that buyers willingly pay for homes in new urbanist neighborhoods. Year effects indicate that the premium withstood the Great Recession quite well.

Date: 2016
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DOI: 10.1080/10835547.2016.12091882

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