Buying a home next to a music venue — especially outdoor music venues — comes with different circumstances, both financially and to your lifestyle. Despite the noise concern, venue proximity often improves walkability, creating a premium for nearby home prices.
A new study from realtor.com and Vivid Seats evaluated home prices near open-air concert settings to find homes next door to venues priced higher than the overall ZIP code.
The Move live event ticket marketplace examined home prices within one mile of 68 outdoor music venues nationwide. The data revealed homes near 20 venues throughout the U.S. post an average premium of 9 percent compared to their surrounding ZIP codes.
Realtor.com
“Walkability to restaurants and shopping has become an increasingly important feature for homebuyers over the last few years, especially millennials,” Jonathan Smoke, chief economist for Realtor.com, said in a statement. “Our analysis shows this desire for close proximity also extends to live music.”
Because accessibility is a big factor in gauging demand and home pricing, it’s no surprise property near a live entertainment locale draws a pricier fare. Not only do home values boost, but venues attract outsiders to towns and local businesses, and nearby homeowners have the option of walking to live entertainment instead of driving and paying for parking.
Where do music venues affect prices the most?
Capital City Amphitheater in Tallahassee, Florida took first with a 78 percent premium for homes near the venue versus homes in the surrounding ZIP. Home prices in a one-mile radius of the venue were $177,500, compared with $100,000 in the surrounding ZIP code.
In Los Angeles, the median home value within one mile of the Greek Theatre is $2.1 million. Within the overall ZIP, the median home value is much lower at $1.285 million, or 63 percent less. L.A. came in third for the highest differentiation between home prices in walking distance to concert spots and its studied ZIP (90027) overall.
Ravinia / Flickr user Michael Lehet
The Ravinia Festival outdoor lawn and theatre in Highland Park, a north shore suburb of Chicago, sits next to median home values 24 percent than the surrounding ZIP. The median home value within a one-mile radius of Ravinia is $605,000. In comparison, the median home price in Highland Park overall is a lesser $487,500.
Homes near Bayfront Park in Miami are valued at $392,500, while the overall ZIP home value is $358,500 – a 9 percent difference. While not the highest on the list, Bayfront Park’s nearby home premium was 20th on the list.
