How Desirable School Districts Impact Home Prices

While the old real estate saying may have been, “location, location, location,” perhaps today’s real estate motto should be, “schools, schools, schools,” as high-ranking school districts have become increasingly important for home buyers. 

A 2017 study by the National Association of Realtors (NAR) found 26% of home buyers considered the quality of schools when looking for a new home. Schools aren’t the only determinant of home prices—safety, commute times, jobs, and housing inventory all play a part in any market. But a good home in a great school district can fetch a higher price and also hold a better resale value than a similar home in a less-stellar district.

For access to top-tier school districts, buyers are often willing to forgo an additional bedroom and vaulted ceilings. And the emphasis on school districts looks to only increase as more families enter the housing market or upgrade to second homes. According to the same 2017 NAR study, the under-36 crowd forms the largest new-home-buying cohort, with 49% of that age group having at least one kid under the age of 18 at home. And almost half of those surveyed said school districts play a big role in buying decisions.

So what does all this mean for home buyers, and sellers?

You’ll pay a premium for top districts
Home values inside top-rated school districts sell for 49% more according to a 2016 study by Realtor.com.  

Great schools make for an easier sell
It's not just about buying. Homes in top-ranking districts often sell faster than homes in less desirable districts — eight days faster, according to Realtor.com. Realtor.com also found that those homes received 26% more views than the average listing, and 42% more than homes in lower-ranking school districts.

So when it’s time to sell and upgrade your home, call me at 226-787-3037 or email me! I can help you navigate the Windsor-Essex real estate market and help you find the perfect Windsor-Essex County home for sale that fits your needs. 

Helpful Links: 

View the Windsor school rankings here.