As any real estate professional may know, there are many factors, from updated kitchens to prize-winning school districts, that increase a property’s value. Toward the top of the list, perhaps to no one’s surprise, is green space.

In fact, according to recent studies, being near a park or playground – anywhere up to half a mile away – will generally boost home prices, often by as much as eight to 20 percent. That’s because families with children and/or pets see immediate recreational value as well as scenic enjoyment in being near a green area.

Parks and playgrounds are more than just visually appealing.

According to the National Recreation and Park Association (NRPA), getting outside in green spaces benefits mental health. Being outdoors lets your mind rest, reduces stress and anxiety, and improves cognitive function, including memory and focus.

With a park nearby, assuming it is safe and well-maintained, homeowners can conveniently walk or bike to a pleasing outdoor space on their own or to gather with friends and family.

Park spaces that add the most value maintain playground elements for children of various ages as well as seating areas for adults, picnic tables, bear play areas, and shaded areas. But even unimproved but cleared green spaces such as condominium ‘greenbelt’ areas add worth.

A report from the University of Washington concluded that:

• A home adjacent to or fronting a park can see a 20% increase in value on average.
• Inner city homes within a quarter mile of a park will have an increased value of 10% on average.
• Residences next to a long ‘greenbelt’ area, which is perfect for hiking and biking, may see as much as a 32% increase in home value on average.
• Even a small green space with mature trees that provide shade can increase a home’s value by two- to 17%

Keeping these points in mind while showing your next property situated near a green space may help you to further emphasize the value of location to your clients and close the deal!

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This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.  

About Bobbi Pronin

Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade. 

Bobbi is not an employee of Anywhere Integrated Services or affiliated with its title companies.