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The Relative Impacts of Trails and Greenbelts on Home Price

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  • Paul Asabere
  • Forrest Huffman

Abstract

This study examines the impacts of trails and greenbelts and other amenities on home value. Using the hedonic framework the study provides analyses of a database consisting of roughly 10,000 sales of homes occurring from April 2001 to March 2002 in and around San Antonio, Bexar County, Texas. Among other things, our study shows that trails, greenbelts, and trails with greenbelts (or greenways) are associated with roughly 2, 4, and 5%, price premiums, respectively. The following amenities: proximity to golf course, neighborhood playground, tennis court, neighborhood pool, view, and cul-de-sac, all add significantly to home value. Copyright Springer Science+Business Media, LLC 2009

Suggested Citation

  • Paul Asabere & Forrest Huffman, 2009. "The Relative Impacts of Trails and Greenbelts on Home Price," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 408-419, May.
    • Handle: RePEc:kap:jrefec:v:38:y:2009:i:4:p:408-419
    DOI: 10.1007/s11146-007-9089-8
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    2. Lindsey Conrow & Siân Mooney & Elizabeth A Wentz, 2021. "The association between residential housing prices, bicycle infrastructure and ridership volumes," Urban Studies, Urban Studies Journal Limited, vol. 58(4), pages 787-808, March.
    3. Dani Broitman, 2020. "The Game of Developers and Planners: Ecosystem Services as a (Hidden) Regulation through Planning Delay Times," Sustainability, MDPI, vol. 12(15), pages 1-14, July.
    4. Dani Broitman & Vladimir Griskin & Daniel Czamanski, 2019. "Unbundling negative and positive externalities of nature in cities: The influence of wild animals on housing prices," Urban Studies, Urban Studies Journal Limited, vol. 56(13), pages 2820-2836, October.
    5. Piotr Czembrowski & Edyta Łaszkiewicz & Jakub Kronenberg & Gustav Engström & Erik Andersson, 2019. "Valuing individual characteristics and the multifunctionality of urban green spaces: The integration of sociotope mapping and hedonic pricing," PLOS ONE, Public Library of Science, vol. 14(3), pages 1-16, March.
    6. Haiyun Xu & Fan Fu & Meng Miao, 2022. "What Is the Effect of Cultural Greenway Projects in High-Density Urban Municipalities? Assessing the Public Living Desire near the Cultural Greenway in Central Beijing," IJERPH, MDPI, vol. 19(4), pages 1-15, February.
    7. Dongkwan Lee & Choongik Choi, 2021. "An Analysis of the Effects of Development-Restricted Areas on Land Price Using Spatial Analysis," Land, MDPI, vol. 10(6), pages 1-21, June.
    8. Parton, Lee C., 2023. "Measuring the effects of public land use change: An analysis of greenways in Raleigh, North Carolina," Land Use Policy, Elsevier, vol. 131(C).
    9. Jay Mittal, 2017. "Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach," ERES eres2017_1, European Real Estate Society (ERES).
    10. Deborah A. Carroll & Christopher B. Goodman, 2022. "Neighborhood Institutions and Residential Home Sales: Evaluating the Impact of Property Tax Exemptions," The Journal of Real Estate Finance and Economics, Springer, vol. 64(2), pages 247-273, February.
    11. Wei Li & Kenneth Joh, 2017. "Exploring the synergistic economic benefit of enhancing neighbourhood bikeability and public transit accessibility based on real estate sale transactions," Urban Studies, Urban Studies Journal Limited, vol. 54(15), pages 3480-3499, November.
    12. Paul Asabere, 2014. "The Value of Homes in Cluster Development Residential Districts: The Relative Significance of the Permanent Open Spaces Associated with Clusters," The Journal of Real Estate Finance and Economics, Springer, vol. 48(2), pages 244-255, February.
    13. Jaewoong Won & Jae-Su Lee, 2017. "Investigating How the Rents of Small Urban Houses are Determined: Using Spatial Hedonic Modeling for Urban Residential Housing in Seoul," Sustainability, MDPI, vol. 10(1), pages 1-15, December.
    14. Lu Liu & Paul M. Jakus, 2015. "Hedonic Valuation in an Urban High-Rise Housing Market," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 63(2), pages 259-273, June.
    15. Touseef Hussain & Jaffar Abbas & Zou Wei & Mohammad Nurunnabi, 2019. "The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal," Sustainability, MDPI, vol. 11(4), pages 1-20, February.
    16. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.
    17. 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.
    18. Olivier Parent & Rainer Hofe, 2013. "Understanding the impact of trails on residential property values in the presence of spatial dependence," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 51(2), pages 355-375, October.

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