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Residential Property Values in a Multinodal Urban Area: New Evidence on the Implicit Price of Location

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  • Waddell, Paul
  • Berry, Brian J L
  • Hoch, Irving

Abstract

The monocentric model predicts a housing price gradient from the central business district, and it follows that the extension of this model to account for modern multinodal metropolitan areas would predict housing price gradients from multiple employment centers. Empirical analysis using hedonic regression techniques for the estimation of price gradients in a nultinodal context is limited. This study extends prior work by exploring nonlinear housing, price gradients in a multinodal urban area with an unusually robust database of housing sales transactions, and using a geographic information system for spatial analysis. The results confirm the importance of non-CBD employment centers, a strong if asymmetric CBD price gradient, and significant nonlinear gradients from such other urban amenities as major retail sites and highways. Copyright 1993 by Kluwer Academic Publishers

Suggested Citation

  • Waddell, Paul & Berry, Brian J L & Hoch, Irving, 1993. "Residential Property Values in a Multinodal Urban Area: New Evidence on the Implicit Price of Location," The Journal of Real Estate Finance and Economics, Springer, vol. 7(2), pages 117-141, September.
  • Handle: RePEc:kap:jrefec:v:7:y:1993:i:2:p:117-41
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    Cited by:

    1. Michael Iacono & David Levinson, 2017. "Accessibility dynamics and location premia: Do land values follow accessibility changes?," Urban Studies, Urban Studies Journal Limited, vol. 54(2), pages 364-381, February.
    2. Liv Osland & Kenneth Gibb & Gwilym Pryce, 2011. "Inequalities in Access to Employment and the Impact on Wellbeing: A Criterion for Spatial Planning?," ERSA conference papers ersa10p717, European Regional Science Association.
    3. Liv Osland & Inge Thorsen, 2006. "Evaluating Housing Price Predictability of Alternative Hedonic Model Formulations," ERSA conference papers ersa06p492, European Regional Science Association.
    4. Luca Stanca, 2008. "Le determinanti dei prezzi delle abitazioni: aspetti microeconomici," Working Papers 143, University of Milano-Bicocca, Department of Economics, revised Jul 2008.
    5. McMillen, Daniel P., 2003. "The return of centralization to Chicago: using repeat sales to identify changes in house price distance gradients," Regional Science and Urban Economics, Elsevier, vol. 33(3), pages 287-304, May.
    6. Liv Osland & Inge Thorsen & Jens Petter Gitlesen, 2007. "Housing Price Gradients in a Region with One Dominating Center," Journal of Real Estate Research, American Real Estate Society, vol. 29(3), pages 321-346.
    7. Ekaterina Chernobai & Michael Reibel & Michael Carney, 2011. "Nonlinear Spatial and Temporal Effects of Highway Construction on House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 42(3), pages 348-370, April.
    8. Marin V. Geshkov & Joseph S. DeSalvo, 2012. "The Effect Of Land-Use Controls On The Spatial Size Of U.S. Urbanized Areas," Journal of Regional Science, Wiley Blackwell, vol. 52(4), pages 648-675, October.
    9. John Clapp & Mauricio Rodriguez, 1998. "Using a GIS for Real Estate Market Analysis: The Problem of Spatially Aggregated Data," Journal of Real Estate Research, American Real Estate Society, vol. 16(1), pages 35-56.
    10. Yunlong Gong & Peter Boelhouwer & Jan de Haan, 2016. "Interurban house price gradient: Effect of urban hierarchy distance on house prices," Urban Studies, Urban Studies Journal Limited, vol. 53(15), pages 3317-3335, November.
    11. Liv Osland & Inge Thorsen, 2006. "Testing for the Impact of Local Labour Market Characteristics on House Prices," ERSA conference papers ersa06p490, European Regional Science Association.
    12. Sivitanidou, Rena, 1997. "Are Center Access Advantages Weakening? The Case of Office-Commercial Markets," Journal of Urban Economics, Elsevier, vol. 42(1), pages 79-97, July.
    13. Sevcíková, Hana & Raftery, Adrian E. & Waddell, Paul A., 2007. "Assessing uncertainty in urban simulations using Bayesian melding," Transportation Research Part B: Methodological, Elsevier, vol. 41(6), pages 652-669, July.

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