Do Festivals Boost or Decrease Neighboring Property Values?

Metro Atlanta residents are down to celebrate just about anything – from music to civic involvement to heritage to beer. In a nod to this festival-loving area, we thought we’d take a look at several different events and how they impact neighboring property values.

Who lives near these big-time celebrations? Does their annual occurrence hurt or help when homeowners are trying to make a sale? We set out to explore.

1. Music: Atlanta Jazz Festival

The Atlanta Jazz Festival occurs each year in Piedmont Park, and it’s quite the event. It occurs each year over Memorial Day Weekend, and attracts international jazz musicians and thousands of their fans. Forget the fact that this one of the biggest festivals in the area, the Atlanta Jazz Festival is one of the largest festivals in the country.

Who lives nearby? We pulled the figures for the Census tract that includes Piedmont Park, and found some interesting tidbits. The median age in this area is 42.6, which is considerably older than the 36.1 median age for all of Metro Atlanta. This neighborhood is also lacking in diversity, with 86% of its residents identifying as white.

Do the celebrations hurt or help property sales? Not likely. In 2016, houses within one mile of the festival sold for a median of $307,750 and they sold in an average of 45 days. This is significantly higher than the median price of houses in Metro Atlanta last year ($220,000), and which sold in an average of 60 days.

2. Drink: Atlanta Summer Beer Fest

Drink up! The Atlanta Summer Beer Fest takes place in Mid-June at Historic Fourth Ward Park. We ran an analysis on Historic Fourth Ward a few weeks ago as we explored the Atlanta BeltLine’s impact on housing.

Who lives nearby? These festival organizers know what they are doing. At a median of 31.8 years old, residents in this Census tract are significantly younger than the Metro Atlanta median age. And they’re incredibly diverse too. The people in this neighborhood identify as 34% white, 53% black, 5% Hispanic and 5% Asian. Millennials and beer? Those seem to go hand in hand.

Do the celebrations hurt or help property sales? This neighborhood seems to be pretty trendy. Last year, houses within a one-mile radius of the festival site sold for $248,450. Although sale prices are on par with what we saw in all of Metro Atlanta in 2016, the rate at which they are selling is much faster. Houses sold near the Atlanta Summer Beer Fest last year were off the market in an average of 39 days.

3. Heritage: Big Shanty Festival

Source: Kennesaw.com

The Big Shanty Festival in Downtown Kennesaw celebrates the heritage of the Civil War era. With 70,000 attendants, it is definitely one of the biggest celebrations the Metro Atlanta area sees.

Who lives nearby? The demographic patterns near the celebration are incredibly diverse: 47% white, 32% black, 14% Hispanic and 4% Asian. The median age is right on par with the rest of Georgia, at 34.8.

Do the celebrations hurt or help property sales? It’s possible. Homes in this area of Kennesaw are significantly less expensive than in the rest of the city. In 2015, they sold for $120,000 and in 2016, they went for $148,500. Let’s compare this to Kennesaw as a whole. In 2015, the median sale price for the entire city was $199,000, and in 2016, it came in at $215,000.

4. History: Juneteeth

property values vine city
Source: Juneteeth Atlanta

Juneteeth is a celebration of the end of slavery in the United States, which is a big deal in Atlanta – a city that played such a pivotal role in the Civil Rights Movement, as well as one of the most diverse cities in the southern U.S. Juneteeth takes place at Morris Brown College in mid-June to coincide with the historical event that took place on June 19, 1865

Who lives nearby? There wasn’t tract data available for the neighborhood, which is near the Vine City neighborhood of Atlanta, so we took a look at demographic figures from the Census at a zip code level instead. We found that this area is predominately black, with the demographic making up 86% of the local population. The fact that there’s a historically-black college in the vicinity might have something to do with that, and it might be lowering the median age a bit too. The median age here is just 27.7 years.

Do the celebrations hurt or help property sales? Something interesting is going on here: In 2015, properties within a one-mile radius of Morris Brown College cost $74,628 and sold in an average of 73 days. In 2016, sale prices nearly doubled, as nearby sellers received a median of $140,150. We’re not solely attributing this jump in sales prices to the festival. As we’ve covered in the past, this neighborhood is beginning to feel the effects of gentrification.

5. Community: Peachtree Corners Festival

Source: Peachtree Corners Festival Facebook

Peachtree Corners is a celebration meant to foster community pride and civic involvement in Gwinnett County’s biggest city. Folks gather to celebrate local artists, traditions and accomplishments.

Who lives nearby? The demographic data we pulled for this Census tract revealed a diverse neighborhood: Some 58% of residents are white, 22% are black, 10% Asian and 8% identify as Hispanic. The median age is 43, which is considerably higher than the median for all of Metro Atlanta.

Do the celebrations hurt or help property sales? Houses that sold last year went relatively quickly (in an average of 42 days), but they are valued significantly below the median for all of Metro Atlanta. The median price for houses that sold in 2016 near the festival site was $150,000.

6. Food: Taste of Marietta

property values marietta
Source: Taste of Marietta

Marietta is known for being a charming city with lots of unique dining options. So, each year, thousands of folks gather at Marietta Square for a sampling of what local restaurants have to offer.

Who lives nearby? Folks who live near the Taste of Marietta festival tend to be a little older than the average Georgia resident. They are a median of 46.7 years old. The area is predominately white, with more than 80% of its residents identifying as such.

Do the celebrations hurt or help property sales? They might hurt just a tad. Properties that sold last year within a one-mile of the festival site went for $283,000, and took an average of 80 days to sell. When we look at all houses that sold in Marietta last year, the average amount of time it took to receive an offer was just 54 days.

Start celebrating!

Festival sites that cater to millennials or are located near higher-learning institutions are seeing property values go up as a result. So, homeowners neighboring the upcoming Atlanta Summer Beer Fest and Juneteeth events might want to start doing a little celebrating of their own. Read up on the Knock prelisting strategy to learn how you can sell your house in just two weeks for maximum price.

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