Green equals green in the housing market. That according to a recent study by Redfin that reports homes with “green” features sold for $33,894 (or 7.2%) more than other homes in 2015.
To determine that figure, Redfin analyzed real estate listings for all the homes that sold in 2015 in 83 major metropolitan areas, then identified the homes with one or more green features and finally compared the median price of those homes ($505,181) with the median price of all homes sold last year ($471,287).
The study also looked at which U.S. neighborhoods have the most eco-friendly homes, based on the percentage of homes that mentioned one or more “green” features in real estate listings in 2015. Villanova, in Philadelphia, Pennsylvania, topped the list with 57% of all homes mentioning green features.
With record-breaking droughts and high temperatures across the country, many house hunters are looking for green amenities.
“As the rainy season draws to a close with a sad fizzle of predicted El Niño storms in Southern California, we now have five years of consecutive drought on record,” said Julie Jacobson, a Redfin real estate agent in Los Angeles. “The utility companies have mandated cutbacks, local building codes have adjusted and most home owners and buyers are aware of the impact of home water consumption. I am either asked about these features or am able to point them out on about a third of my home tours.”
Based on the study, the top 10 neighborhoods for green homes are listed in the graphic below:
Read more on the Redfin blog.