Home Values Near Parks
- Being within 0 and 500 feet from a park in Pittsburgh increases home value an average of $23,900 compared with parcels located 2500 – 3000 feet away from a park. The true value of this green premium is between $15,920 and $31,880.
- Appraised property values of homes that are adjacent to parks and open spaces are typically about 8 to 20% higher than those of comparable properties elsewhere.
Higher and Faster Sales for Saving Trees
- While development costs can be greater for lots where trees were conserved (5.5% in one study), builders can recover extra costs through higher sales prices and faster sales for houses on wooded lots.
Sale Prices with Trees
- In Portland, Oregon, trees add 3.0% to the median sale price of a house, or 129 additional square feet. Applying the average effect of trees to all east-side Portland single-family homes yields a total value of $1.12 billion.
- In Tampa,Florida, research found that, contrary to developer’ assertion that trees reduced the value of homes sold for redevelopment, a one percent increase in tree canopy was associated with as much as a $9,000+ increase in sales price.
- Rental rates of commercial office properties are 7% higher on sites having a quality landscape.
- Landscaping that functions as a noise barrier or provides space definition has no measurable impact.
- Landscaping that provides a visual screen results in reduced office rental rates of approximately 7.5%.
Price increases relative to condition
- 2% mature yard trees (greater than 9-inch dbh)
- 3% larger street trees
- 3-5% trees in front yard landscaping
- 6-9% good tree cover in a neighborhood
- 10-15% mature trees in high-income neighborhoods