Did you know homes in top school districts can command prices 10-20% higher than comparable homes in lower-rated districts? While there are other factors involved when considering a home to purchase such as its location, amenities, and neighborhood vibes, education can be a deal breaker, especially for families. Consider that 30% of buyers aged 33-42 say the school district is a top factor when choosing their neighborhood. (NAR)
Let’s dive into why school districts are a big deal when making real estate decisions!
1. Convenience & Proximity
Living close to schools is a huge win for busy families. Less time commuting means more time together, whether it's for after-school activities, parent-teacher meetings, or just day-to-day school runs. If your home is close to a school (or if you are thinking about putting in an offer on a home that's close to a school) convenience is a factor to consider. Neighborhoods with nearby schools are super desirable, boosting home values. Think of it as cutting down on time in the car and spending more quality time with loved ones—something every family cherishes.
2. Perception of the Housing Market
Homes in good school districts tend to sell for higher prices. Typically, homes in great school districts get 26% more views than the average listing and 42% more than those in lower-performing districts (Realtor.com). This can lead to higher overall home values in the area. The perception that a home is in a good school district can make it significantly more appealing to buyers, translating into quicker sales and higher offers. So, check with The Geiger Stern Team to learn about local school districts. We’re Westchester County experts and happy to give you the inside scoop.
3. Demographic Shifts Among Buyers
Millennials are growing up and over 50% of them are homeowners (US Census). With more young families entering the market, the demand for homes in good school districts is skyrocketing. More demand means higher home prices. It's basic supply and demand! As millennials transition into family life, their priorities shift towards securing the best education for their children, often making school quality a non-negotiable factor in their home-buying decisions. This shift is not just a trend but a significant demographic change influencing the real estate market.
4. A School’s Reputation
According to Realtor.com, homes in top-performing districts sell up to 8 days faster. Families want the best education for their kids, so homes in great school districts are hot commodities, driving up property values. It’s all about giving kids the best start in life! Schools with stellar reputations often boast strong academic records, excellent extracurricular programs, and high graduation rates, making them attractive to prospective homebuyers. This desire for quality education fuels the demand for homes in these areas, pushing property values even higher.
5. Facility Access
Schools today are not just about classrooms; they offer a range of facilities that can significantly impact community appeal. Imagine having access to libraries stocked with the latest books, sports fields where local teams can practice, state-of-the-art science labs, and even tech gadgets that keep kids ahead of the curve. These perks don't just make the school more appealing; they enhance the overall value of the community. According to the National Bureau of Economic Research, every dollar spent on school funding can increase property values by about $20. It's a win-win situation—better facilities mean better education and higher property values.
6. Long-Term Investment Stability
Buying in a sought-after school district isn't just about the kids; it’s a smart investment. Quality schools offer stability, even when the economy gets tough. Homes in these areas handle market ups and downs better, making them a solid long-term bet. Properties in good school districts tend to hold their value better over time, providing a buffer against economic fluctuations. This stability makes them a wise choice for investors looking for long-term gains.
Overall, school districts play a massive role in home values because education is a top priority for many families. The reputation, resources, and proximity of schools directly affect how desirable homes in these areas are. Homes in great school districts not only tend to have higher values but also offer a smart, long-term investment. Parents want to ensure their children receive the best education possible, and being in a top school district often translates into higher academic achievement and better opportunities for their kids.
So, if you’re on the hunt for a new home, reach out to The Geiger Stern Team to learn more about buying or selling a home in Westchester County, New York or any of the Northern suburbs of New York City. We can provide insights into which school districts are performing well and how this can impact your home-buying decisions. Let us help you find a home that not only meets your needs but also supports your family's future educational aspirations.
