Do schools impact home value?
As a real estate agent, I often get asked the question of “Do schools impact home value” When people buy a home, there are many factors that influence their decision. A home’s charm and beauty pulls you in to the “I want to make an offer” state of mind as you admire the homes marble countertops, hardwood flooring, and gleaming new appliances in the kitchen and let’s not forget to mention the walk-in shower highlighting the rain shower head in the master bathroom. These features along with its size, age, and proximity to amenities are all important in varying degrees, depending on the individual buyer.
Another factor to consider for your long term homes value is the local school district that your home resides in. It’s certain that good schools attract families with school-age children, but if you look at local neighborhood statistics, there are concrete numbers showing the impact of seeking out a “top school district” and the impact that it has on your home’s value.
Charlotte has many neighborhoods that are “split” school districts where homes in the same neighborhood are assigned to different local school districts. One of these neighborhoods is Beverly Woods where there are two different school High School assignments of Myers Park High School and South Mecklenburg High School. Over the past 6 months 14 homes have sold, 7 homes are in the South Mecklenburg school district and 7 in the Myers Park school district. Analyzing the data from the Charlotte MLS, the Myers Park school district has a 16% higher price per square ft than the South Mecklenburg school district.
We can conclude that schools that offer higher rankings based on test scores do increase home values. If you are looking to make a home purchase, make sure you are working with a real estate agent that can guide you through these tough decision in new home search!