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    How Proximity Affects Your Home Value

    Location, location, location.  You’ve definitely heard how important this is in real estate — and that's because it's...

    • Stewart Woodward
    • February 18th, 2020
    • 4 min read

     

     

    Location, location, location. 

    You’ve definitely heard how important this is in real estate — and that's because it's true! Location is a crucial factor when it comes to the value of your home. Not only does what part of town you are in matter, but what is physically near you can actually help or hinder your property value. We put together a list of the most important proximity factors that will increase as well as decrease your home value.

    Factors that increase home value

    Schools

    Homebuyers who have children are willing to pay more to live in a home that is closer to schools, especially ones that have a good reputation and high academic scores.

    Entertainment

    In most cases, homes that tend to be in walking distance or a short drive from entertainment opportunities like a movie theater, golf courses, and parks usually sell for more money than homes farther away.

    Shopping

    Homes with a close proximity to grocery and shopping stores usually sell for more. Being close to a popular grocery store like Whole Foods has shown to increase your home value and having a 24-hour Walmart less than half a mile away has shown value increases of 2-3%.

    Outdoor Recreation

    Having great scenery and access to outdoor recreation like the ocean, lakes, rivers, and parks usually increase a home’s value.

    Sought-After Views

    Depending on where you live, things like cityscapes, mountains, or golf courses tend to increase value and even help sell your home faster.  

    Starbucks & Dunkin

    We all love a good cup of joe in the morning, especially if you like to make a quick stop on the way to work. According to Forbes, homes that are within a quarter-mile of a Starbucks, have appreciated 96% while homes near Dunkin Donuts have appreciated 80%.

    Factors that decrease home value

    Power Plants

    Aside from being an eyesore, toxic emissions released from power plants will not only decrease the air quality but the value of your home. In fact, the University of California at Berkeley has found that homes within 2 miles of power plants could be worth 3-7% less.

    Busy Areas

    Although being close to railroad tracks, airports, and busy intersections is convenient for when you need to leave, it can be pretty noisy when you are at home which could drop the value of your home. 

    Crime

    Areas and neighborhoods with higher crime rates tend to decrease home values. The American Economic Review has found that if a registered sex offender were to move into your area, it could reduce your home value by 12%.

    Low-Rated Schools

    As we said above, the top-rated schools are a big priority for some home buyers so homes located in areas with a low-ranking or closed down school could result in a home value reduction of up to 22.2%.

    Cemeteries & Funeral Homes

    Whether you believe in ghosts or not, the thought of living near a cemetery or funeral home is a bit eerie. According to Realtor.com, homes with a cemetery close by could be priced 12% less than homes in other nearby areas.

    Hospitals

    You may think that being right around the corner from a hospital is a good thing in the case of emergency, but with hospitals comes ambulances and sirens. And there’s no telling what time of day or how many times a day you might hear these noises. Hospitals in close proximity have decreased home values by around 3%. 

    Get your home’s accurate value.

    Instead of a robot and algorithm, we use our experience and up-to-date MLS data. 

    Get Started

    Author Photo
    About the author

    Stewart Woodward

    781-647-1552
    I believe real estate is about more than just transactions—it's about helping people find their place in the world while building community. After 40+ years as an entrepreneur, including running a successful commercial photography business based in Waltham for two decades, I've brought my eye for detail and passion for service to the real estate industry. My background in visual arts gives me a unique perspective on showcasing properties, while my experience as a business owner taught me the value of meticulous precision and unwavering client advocacy. With my Metro West Home Team brand, I provide personalized, one-on-one service to every client. My approach combines savvy negotiation skills with local knowledge and a customer-first philosophy. My track record speaks for itself—in recent years, my seller clients' properties have sold for an average of 98.58% of original listing price, typically with offers accepted within 12 days. But what truly matters to me is guiding clients through what can often be an overwhelming process with flexibility, creativity, and personal warmth. Before joining REAL Broker, I managed my own boutique real estate brokerage, Central Square Realty Group, in downtown Waltham for four years. This entrepreneurial experience deepened my understanding of the local market and allowed me to develop a hands-on approach to real estate that continues to benefit my clients today. I'm proud to now be part of REAL Broker, a publicly-traded, technology-powered brokerage operating throughout the U.S. and Canada. Their innovative platform and agent-centric approach perfectly align with my commitment to excellent client service and their motto: "Work Hard, Be Kind." I'm a licensed Real Estate Broker in Massachusetts, a member of both the Massachusetts and National Associations of Realtors, and hold Seller Representative Specialist (SRS) and Military Relocation Professional (MRP) certifications. With over 90 clients served and more than $39 million in sales volume over my 12+ years in real estate, I've developed the expertise to handle any situation—but I've never lost sight of the human element that makes this profession so rewarding. Beyond my professional life, I remain deeply connected to my community. I'm active in the Rotary Club, where I served as president and currently serve as treasurer of the Waltham Club. I also participate in the Chambers of Commerce across Waltham, Watertown, and Newton. My civic engagement includes serving as a trustee of historic Gore Place, where I lead the Buildings and Grounds committee and contribute as an active member of the development committee. I'm also proud to serve on the City of Waltham's Affordable Housing committee, working to ensure our community remains accessible for all residents. I believe in giving back to the community that has supported me. Both personally and through my Metro West HOME Team business, I actively support important local non-profits. We've been a Community Partner of Gore Place for many years, helping to preserve this historic landmark through ongoing sponsorship. With my background in the arts, I'm also passionate about supporting local creativity. Each November, my business and I sponsor the Waltham Mills Artist Association's annual open studios event, creating opportunities for visitors to experience art being created firsthand and to connect directly with talented local artists.

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