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The impact of a new light rail system on single-family property values in Charlotte, North Carolina

Author

Listed:
  • Yan, Sisi

    (Environmental Systems Research Institute (ESRI))

  • Delmelle, Eric

    (The University of North Carolina)

  • Duncan, Michael

    (Florida State University)

Abstract

This paper examines the impact of a new light rail system on single-family housing values in Charlotte, North Carolina, from 1997 to 2008. We use a Hedonic Price Analysis (HPA) to estimate how proximity to light rail, housing characteristics, and spatial components (at a block group level) affect single-family housing values. The same method is applied to each of the four time periods (t1, t2, t3, t4) that coincide with the pre-planning, planning, construction, and operation phase of the light rail system. We observe a trend that suggests a greater desirability to live closer to a light rail station as the transit system becomes operational.

Suggested Citation

  • Yan, Sisi & Delmelle, Eric & Duncan, Michael, 2012. "The impact of a new light rail system on single-family property values in Charlotte, North Carolina," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 5(2), pages 60-67.
  • Handle: RePEc:ris:jtralu:0082
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    Cited by:

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    2. Jyothi Chava & Peter Newman, 2016. "Stakeholder Deliberation on Developing Affordable Housing Strategies: Towards Inclusive and Sustainable Transit-Oriented Developments," Sustainability, MDPI, vol. 8(10), pages 1-21, October.
    3. Jinyao Lin & Tongli Chen & Qiazi Han, 2018. "Simulating and Predicting the Impacts of Light Rail Transit Systems on Urban Land Use by Using Cellular Automata: A Case Study of Dongguan, China," Sustainability, MDPI, vol. 10(4), pages 1-16, April.
    4. Aliyu Ahmad Aliyu & Olurotimi Adebowale Kemiki & Muhammad Umar Bello, 2018. "Transportation Accessibility Benefit and the Dynamic Pattern of Real Estate Prices: Emerging Literature," Traektoriâ Nauki = Path of Science, Altezoro, s.r.o. & Dialog, vol. 4(11), pages 1001-1016, November.
    5. Sangwan Lee, 2022. "An In-Depth Understanding of the Residential Property Value Premium of a Bikesharing Service in Portland, Oregon," Land, MDPI, vol. 11(9), pages 1-16, August.
    6. López-Morales, Ernesto & Sanhueza, Claudia & Herrera, Nicolás & Espinoza, Sebastián & Mosso, Vicente, 2023. "Land and housing price increases due to metro effect: An empirical analysis of Santiago, Chile, 2008–2019," Land Use Policy, Elsevier, vol. 132(C).
    7. Sangwan Lee & Liming Wang, 2022. "Intermediate Effect of the COVID-19 Pandemic on Prices of Housing near Light Rail Transit: A Case Study of the Portland Metropolitan Area," Sustainability, MDPI, vol. 14(15), pages 1-17, July.
    8. Devaux, Nicolas & Dubé, Jean & Apparicio, Philippe, 2017. "Anticipation and post-construction impact of a metro extension on residential values: The case of Laval (Canada), 1995–2013," Journal of Transport Geography, Elsevier, vol. 62(C), pages 8-19.
    9. AlQuhtani, Saad & Anjomani, Ardeshir, 2019. "Do rail transit stations affect housing value changes? The Dallas Fort-Worth metropolitan area case and implications," Journal of Transport Geography, Elsevier, vol. 79(C), pages 1-1.
    10. Haizhen Wen & Zaiyuan Gui & Chuanhao Tian & Yue Xiao & Li Fang, 2018. "Subway Opening, Traffic Accessibility, and Housing Prices: A Quantile Hedonic Analysis in Hangzhou, China," Sustainability, MDPI, vol. 10(7), pages 1-23, June.
    11. Tideman, Nicolaus & Plassmann, Florenz, 2018. "The effects of changes in land value on the value of buildings," Regional Science and Urban Economics, Elsevier, vol. 69(C), pages 69-76.
    12. Yen-Jong Chen & Cheng-Kai Hsu, 2020. "Comparison of Housing Price Elasticities Resulting from Different Types of Multimodal Rail Stations in Kaohsiung, Taiwan," International Real Estate Review, Global Social Science Institute, vol. 23(3), pages 417-432.
    13. Ahmed, Kashif & Kamihigashi, Takashi & Matsuo, Miwa, 2023. "Positive fuel price elasticities of expressway traffic flows: Insights for policymakers and management strategists," Transport Policy, Elsevier, vol. 142(C), pages 99-114.
    14. Zhong, Haotian & Li, Wei, 2016. "Rail transit investment and property values: An old tale retold," Transport Policy, Elsevier, vol. 51(C), pages 33-48.
    15. Qing Shen & Simin Xu & Jiang Lin, 2018. "Effects of bus transit-oriented development (BTOD) on single-family property value in Seattle metropolitan area," Urban Studies, Urban Studies Journal Limited, vol. 55(13), pages 2960-2979, October.
    16. Aliyu Ahmad Aliyu & Olurotimi Adebowale Kemiki & Muhammad Umar Bello, 2018. "Analysis of Current Empirical Studies on Transport Value-Added Effect and Proximate Housing Price Capture," Traektoriâ Nauki = Path of Science, Altezoro, s.r.o. & Dialog, vol. 4(12), pages 1001-1020, December.
    17. Jin, Jangik & Rafferty, Peter, 2018. "Externalities of auto traffic congestion growth: Evidence from the residential property values in the US Great Lakes megaregion," Journal of Transport Geography, Elsevier, vol. 70(C), pages 131-140.
    18. Ke, Yue & Gkritza, Konstantina, 2019. "Light rail transit and housing markets in Charlotte-Mecklenburg County, North Carolina: Announcement and operations effects using quasi-experimental methods," Journal of Transport Geography, Elsevier, vol. 76(C), pages 212-220.
    19. Schmidt, Adam & Bardaka, Eleni & Thill, Jean-Claude, 2022. "Causal, spatiotemporal impacts of transit investments: Exploring spatial heterogeneity from announcement through long-run operation," Transportation Research Part A: Policy and Practice, Elsevier, vol. 161(C), pages 151-169.
    20. Valeriia Budiakivska & Luca Casolaro, 2018. "Please in my back yard: the private and public benefits of a new tram line in Florence," Temi di discussione (Economic working papers) 1161, Bank of Italy, Economic Research and International Relations Area.
    21. Yuxiang Wang & Xueli Liu & Feng Wang, 2018. "Economic Impact of the High-Speed Railway on Housing Prices in China," Sustainability, MDPI, vol. 10(12), pages 1-21, December.
    22. Federica Daniele & Elena Romito, 2022. "The impact of "Metro C" in Rome on the housing market," Temi di discussione (Economic working papers) 1394, Bank of Italy, Economic Research and International Relations Area.
    23. Changju Lee & Sunghoon Lee, 2022. "Exploring the Contributions by Transportation Features to Urban Economy: An Experiment of a Scalable Tree-Boosting Algorithm with Big Data," Land, MDPI, vol. 11(4), pages 1-30, April.
    24. Rui Ding & Jun Fu & Yiming Du & Linyu Du & Tao Zhou & Yilin Zhang & Siwei Shen & Yuqi Zhu & Shihui Chen, 2022. "Structural Evolution and Community Detection of China Rail Transit Route Network," Sustainability, MDPI, vol. 14(19), pages 1-19, September.
    25. Yen-Jong Chen & Cheng-Kai Hsu, 2020. "Comparison of Housing Price Elasticities Resulting from Different Types of Multimodal Rail Stations in Kaohsiung, Taiwan," International Real Estate Review, Global Social Science Institute, vol. 23(3), pages 1043-1058.

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    More about this item

    Keywords

    light rail; housing values; Charlotte; North Carolina; Hedonic Price Analysis;
    All these keywords.

    JEL classification:

    • R40 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - General

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