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An Empirical Examination of Traditional Neighborhood Development

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  • Charles C. Tu
  • Mark J. Eppli

Abstract

This study analyzes the impact of the new urbanism on single‐family home prices. Specifically, we explore the price differential that homebuyers pay for houses in new urbanist developments relative to houses in conventional suburban developments. Using data on over 5,000 single‐family home sales from 1994 to 1997 in three different neighborhoods, hedonic regression results reveal that consumers pay more for homes in new urbanist communities than those in conventional suburban developments. Further analyses indicate that the price premium is not attributable to differences in improvement age and other housing characteristics.

Suggested Citation

  • Charles C. Tu & Mark J. Eppli, 2001. "An Empirical Examination of Traditional Neighborhood Development," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(3), pages 485-501, March.
    • Handle: RePEc:bla:reesec:v:29:y:2001:i:3:p:485-501
    DOI: 10.1111/1080-8620.00019
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    Cited by:

    1. Yaxiong Ma & Sucharita Gopal, 2018. "Geographically Weighted Regression Models in Estimating Median Home Prices in Towns of Massachusetts Based on an Urban Sustainability Framework," Sustainability, MDPI, vol. 10(4), pages 1-27, March.
    2. Christopher Bitter, 2014. "Subdivision Vintage and Housing Prices: Do Home Buyers Value Traditional Development?," Urban Studies, Urban Studies Journal Limited, vol. 51(5), pages 1038-1056, April.
    3. Murakami, Jin & Villani, Caterina & Talamini, Gianni, 2021. "The capital value of pedestrianization in Asia's commercial cityscape: Evidence from office towers and retail streets," Transport Policy, Elsevier, vol. 107(C), pages 72-86.
    4. repec:asg:wpaper:1031 is not listed on IDEAS
    5. Yongsheng Jiang & Dong Zhao & Andrew Sanderford & Jing Du, 2018. "Effects of Bank Lending on Urban Housing Prices for Sustainable Development: A Panel Analysis of Chinese Cities," Sustainability, MDPI, vol. 10(3), pages 1-16, February.
    6. Noland, Robert B. & Weiner, Marc D. & DiPetrillo, Stephanie & Kay, Andrew I., 2017. "Attitudes towards transit-oriented development: Resident experiences and professional perspectives," Journal of Transport Geography, Elsevier, vol. 60(C), pages 130-140.
    7. Yencha, Christopher, 2019. "Valuing walkability: New evidence from computer vision methods," Transportation Research Part A: Policy and Practice, Elsevier, vol. 130(C), pages 689-709.
    8. Julia Freybote & Hua Sun & Xi Yang, 2015. "The Impact of LEED Neighborhood Certification on Condo Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(3), pages 586-608, September.

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