The Wall Street Journal's Leigh Kamping-Carder takes a look at a new analysis that determines how much of a premium buyers will pay for parking space.
The analysis, by Realtor.com, looks at median listing prices per square foot for every listing on the site from the beginning of the year through to Halloween. As you'd expect, prices rise with every subsequent space for another car, but the analysis uncovered some counter-intuitive trends as well:
The first sharp rise is for three-car homes, which were priced 11.45% higher than those with a single spot. Most homes have two-car garages—they made up almost 64% of listings—but three-car homes tend to be larger and higher-end, bumping up prices, says Javier Vivas, realtor.com’s economic researcher.
Similarly, homes with a seven-car capacity asked a striking 31.42% more than one-car homes, the data show ... Another twist: The garage-bay premium reverses at the 10-car mark. Mr. Vivas says that shift is because such homes are more likely to be rural with outbuildings that double as car space, rather than luxury homes with dedicated bays.