Home prices are rising faster in car-dependent housing markets

For many Americans, the causal stroll around the neighborhood is an important part of day to day life. But as homebuyers continue to grapple with rising home prices, a new report from Redfin suggests that many are now prioritizing affordability over walkability.
According to the company’s data, home-sale prices in car-dependent housing markets across the country increased 4.3% year over year to a median of $312,100 in July. However, home-sale prices in walkable neighborhoods across the country rose 2.3% year over year to a median $343,900.
Redfin indicates that home prices have been rising much faster in car-dependent neighborhoods since September 2018, which is around the same time the housing market began to cool.
“For at least the four years prior, home prices generally increased faster in walkable neighborhoods than in car-dependent ones,” Redfin writes. "The trend reversal likely reflects that many homebuyers, chasing affordability, have been priced out of the most walkable neighborhoods. As a result, demand has grown stronger in car-dependent neighborhoods.”
Redfin reports that although home sales were down in both walkable and car-dependent areas in July, the decline was the strongest in walkable areas.
During the month, home sales in walkable neighborhoods posted a 7.1% annual drop nationwide. This is compared to a 3.3% decline in home sales in car-dependent neighborhoods.
However, while supply of homes in walkable areas was down 7.4% year over year, it declined a whopping 10.6% in car-dependent neighborhoods, according to Redfin.
“In the second half of 2018, homes in the hottest coastal markets became so expensive that most homebuyers became priced out of walkable neighborhoods, where homes tend to sell at a premium,” said Redfin chief economist Daryl Fairweather. “It’s not that people value walkability any less than they used to. Many homebuyers are simply relegated by their budgets to live in car-dependent areas, which have since seen demand and home prices grow at a faster rate.”
“The trend also has implications for society, with families becoming further segregated by class and race, as well as for the environment, as more demand in car-dependent areas means more carbon emissions,” Fairweather said. “Growing cities can combat these issues by adopting policies that encourage building more dense, affordable housing in walkable areas.”

Comments

Post a Comment

Popular posts from this blog

Crucial Coronavirus Cleaning Tips: How To Keep Your Home Germ-Free During the Pandemic

Image
How long the virus survives—and where it thrives The novel coronavirus can survive on surfaces anywhere from hours to days. The latest information is that it can last 24 hours on cardboard, 48 to 72 hours on plastic, and 48 to 72 hours on stainless steel, says  Dr. Reuben Elovitz , internist and CEO at  Private Health Dallas , who cited a recent study from the  New England Journal of Medicine . The duration also depends on a few other factors, like temperature and whether a surface is prone to holding moisture. “Wooden handles, for example, are more likely to be damp than metal under normal conditions—and damp conditions can enable many infectious agents to thrive,” explains molecular biologist  Dr. Tracey Evans . “ Furthermore, a warm room is more favorable for many pathogens than a cold one.” Regardless of what kinds of temperatures and surfaces you have in your home, there are things you can do to keep these dangerous pathogens at bay. Ditch germs at ...
Read more

7 Ways to Create a Neighborly Front Yard

Image
1. Shade the Sidewalk Consider placing a tree where it will shade the sidewalk to help create a pleasant environment and encourage walking and visiting among neighbors. Trees provide rain and sun protection, and temperature differentials of 5 to 15 degrees are felt when walking on tree-canopied streets. In urban areas trees help mitigate the  heat-island effect  and provide a connection to nature. Most cities require permits for adding trees to a parkway (or hell strip), but permits are not usually required for planting on private property. Sean Papich Landscape Architecture 2. Set the Fence Back Placing a low fence or wall back a few feet from the edge of the sidewalk allows room for planting, and plants provide visual interest for pedestrians. In addition to cheerful  daisies  like these, velvety plants such as  lamb’s ears  ( Stachys byzantina ;   USDA zones 4 to 9;  find your zone ) would work well. June Scott Design ...
Read more

What’s New in Outdoor Lighting Design

Image
Linear Lighting There’s a trend toward the more extensive integration of lighting with modern hardscape elements. Sleek, minimalist linear step lighting illuminates a path while keeping light fixtures hidden from view. It also enables you to more easily highlight an architectural feature, such as stairs or a freestanding wall.  ZEN Associates, Inc. Laurie Ghielmetti Floating Structures Another trend is placing lights beneath landscape structures, creating the illusion that they are floating-- light is hidden to visually float steps, benches, bridges and other outdoor landscape elements. dSPACE Studio Ltd, AIA BEGA North America Sleek, Modern Fixtures A big trend is to use path lights that look more architectural, rather than the traditional flower or mushroom shapes. Pistils Landscape Design + Build Nightfall Landscape Lighting Low-Voltage Lighting While low-voltage lighting is not necessarily a new concept,...
Read more