Redfin's Alex Starace takes a look at whether being located near an elevated greenway--such as New York's Highline and Chicago's Bloomingdale Trail--gives a boost to home values.

When the Bloomingdale Trail was first proposed, many feared it would raise housing prices in the area--especially Logan Square and Humboldt Park--which would limit sales for some of the area's hottest submarkets. The park opened five months ago and ... not much happened to housing prices.

So the question remains: Do buyers pay a premium for the promise of a park?

We looked at all homes purchased within two blocks of the trail (between Armitage Avenue and North Avenue) and compared them to homes purchased within portions of the same neighborhoods (between Fullerton Avenue and Division Street), but not as close to the trail. 

If the trail were driving up prices, you’d expect that in the last three years, the price gap between the near and far area would increase. It hasn’t. In fact, the gap has gotten smaller. Sellers farther from the trail are still getting 87 percent of what their closer-in neighbors are getting. That’s more pricing power than they had five years ago, when the trail was still just an un-funded possibility.

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