We analyze appreciation rates across comparable designated and undesignated neighborhoods in Memphis, Tennessee. Using appreciation rates potentially nullifies the objection to using assessed values in such an analysis while also mitigating some of the bias inherent in the differences between otherwise similar designated and undesignated neighborhoods. Nonetheless, in accord with the previous studies, after controlling for numerous housing characteristics, we find that properties in neighborhoods designated historical by the Memphis Landmarks Commission had appreciation rates above those in other similar neighborhoods. We also find that new properties benefit as much, perhaps even more, than older properties from being in a historic district. Copyright 2005 by the American Real Estate and Urban Economics Association
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