Sounds of Summer: Homes Near These 20 Concert Venues Sell for a Premium
Sounds of Summer: Homes Near These 20 Concert Venues Sell for a Premium
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Is there anything more quintessentially summer than enjoying live music outdoors, under the stars or the blazing sun? We think not. Classical, trip hop, EDM, R&B, death metal, Serbian show tunes—all of it just seems to sound so much better alfresco. But do the neighbors living nearby all those outdoor venues agree? Or does the late-night noise, the traffic, and the hordes of eager fans translate into sleepless nights—and worse, lower home prices?
Fear not, music lovers. Cue the soaring orchestral melody: A realtor.com® analysis has identified 20 outdoor music venues where homes within walking distance actually see at least a 9% premium in price, compared with the rest of the area.
“Many factors can impact home prices, but our analysis shows that home values can benefit from being in close proximity to outdoor concert venues,” according to Jonathan Smoke, chief economist for realtor.com. “Walkability to restaurants and shopping has become an increasingly important feature for home buyers over the last few years, especially millennials. Our analysis shows this desire for close proximity also extends to live music.”
Smoke compared realtor.com’s residential sales and deed database with outdoor venue information provided by Vivid Seats, an independent ticket marketplace. His team examined home prices within 1 mile of 68 outdoor concert venues, comparing them with home prices in the surrounding ZIP code.
And the price appreciation winner is: Capital City Amphitheater in Tallahassee, FL, where the median-price homes within walking distance are 78% more expensive, at $177,500, than the surrounding ZIP code. Homes located within a mile of OKC Zoo Amphitheatre in Oklahoma City—No. 2 on our list—were 68% more expensive than the surrounding ZIP code, at $49,500. And homes within 1 mile of the historic Greek Theatre in Los Angeles, our third-place venue, were worth 63% more than their neighbors farther from the venue, with a median price of $2,100,000.
“Live events like concerts add so much to a community,” said Julia Litz, a spokesperson for Vivid Seats. “The added foot traffic aids local business while the culture and vibrancy of the event add excitement. Plus, for residents of the neighborhood there’s the added benefit of simply walking to and from the venue.”
Top Venues Where Walkability Means Higher Home Prices
realtor.com
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