Homes and Venues Study
With summer concert season in full swing, Vivid Seats and leading online real estate destination realtor.com® decided to take a look at the role outdoor venues may play in home prices for those located in close proximity.
The study looked at 68 outdoor concert venues and evaluated the home prices of those situated within one mile of the venue versus the home price for the surrounding ZIP code. The findings revealed that the median price for homes within one mile of 20 venues were at least 9% higher than the surrounding ZIP code’s median price.
“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.”
Topping the list were homes within walking distance of the Capital City Amphitheater in Tallahassee, Fla., which registered a median price of $177,500 versus a median of $100,000 for the ZIP code, an increase of 78%. Meanwhile, homes near Bayfront Park in Miami registered the smallest increase on the list, with the median price for walkable homes at $392,500 coming in just 9% higher than the $358,500 median for the ZIP code. View the full table at the bottom of the page.
“Live events like concerts add so much to a community,” said Vivid Seats spokesperson Julia Litz. “The added foot traffic aids local businesses 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.”