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Historic Preservation and Residential Property Values: Evidence From Quantile Regression


  • Velma Zahirovic-Herbert
  • Swarn Chatterjee


Historic designation is increasingly used as a means to achieve both preservation and community economic development. This study considered the effects of historic designation on residential property values in Baton Rouge, Louisiana. Our results support the well-established notion in urban economics literature that historic preservation generally has a positive impact on property values and, in particular, that the historic designation is associated with average property value increases ranging between 5% and 8% of mean house value. Furthermore, designation of a neighborhood as historic has positive spillover effects on property values for nearby residential properties. This finding supports using historic preservation and the designation of historic districts and landmarks as a policy tool for elected and community leaders seeking to find ways to protect and enhance residential property values in central cities. However, appreciation of property values may displace less-affluent residents of historic districts after designation takes place. It must indeed be recognized that with increasing values comes the very real possibility that displacement of neighborhood residents can occur. Our results also show that the lower-end properties gain the most value from historic preservation. Thus historic preservation policies should be accompanied by efforts to retain affordable housing.

Suggested Citation

  • Velma Zahirovic-Herbert & Swarn Chatterjee, 2011. "Historic Preservation and Residential Property Values: Evidence From Quantile Regression," ERES eres2011_34, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2011_34

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    Cited by:

    1. Velma Zahirovic-Herbert & Karen Gibler, 2014. "Historic District Influence on House Prices and Marketing Duration," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 112-131, January.
    2. Hyung-Gun Kim & Kwong-Chin Hung & Sung Park, 2015. "Determinants of Housing Prices in Hong Kong: A Box-Cox Quantile Regression Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 50(2), pages 270-287, February.
    3. Bonanno, Alessandro & Bimbo, Francesco & Costanigro, Marco & VIscecchia, Rosaria, 2018. "Do Geographic Indication Labels Pay off? Estimating GI’s implicit Price Dispersion in the Italian EVOO Market," 2018 Annual Meeting, August 5-7, Washington, D.C. 274203, Agricultural and Applied Economics Association.
    4. repec:gam:jsusta:v:10:y:2018:i:5:p:1418-:d:144414 is not listed on IDEAS
    5. repec:gam:jsusta:v:11:y:2019:i:4:p:1199-:d:208692 is not listed on IDEAS
    6. Heiko Kirchhain & Joachim Zietz, 2018. "The impact of exogenous shocks on house prices: The case of the Volkswagen-emission scandal," ERES eres2018_204, European Real Estate Society (ERES).
    7. Zahirovich-Herbert, Velma & Gibler, Karen M., 2014. "The effect of new residential construction on housing prices," Journal of Housing Economics, Elsevier, vol. 26(C), pages 1-18.
    8. repec:taf:jpropr:v:34:y:2017:i:3:p:211-232 is not listed on IDEAS

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location


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