Home Prices Near Atlanta’s Parks Outpace the Rest of the Market

dog-park

In case you hadn’t heard, dogs are very welcome in Atlanta. According to Realtor.com, some 54% of households own dogs, making it one of the dog-friendliest cities in the U.S.

For dog owners, nearby parks are a necessary amenity that help them keep their furry friends happy. But, unfortunately, not every pooch owner in Atlanta feels these needs are being met. In Buckhead, for example, residents largely believe that the 37,000 canines who live in the neighborhood are an “unrepresented population.”

We’ve heard time and time again that parks tend to have a positive effect on property values, so we set out to understand how impactful they are in a dog-loving city like ATL. We rounded up seven of the most popular greenspaces in the city and analyzed home prices within a half-mile radius.

Here’s what we found.

1. Grant Park

Grant Park is one of the oldest standing neighborhoods in Atlanta. In fact, 77% of the homes that sold last year within .5 miles of the park, were built in 1960 or prior. And they went for a pretty penny, too. The median home value of those properties was $428,000—71% higher than the $250,000 median for all of Atlanta.

People who live in close proximity to the park truly value it. Within a one-mile radius of the park, the median price of homes went down to $305,000.

2. Piedmont Dog Park

Since we’re talking about dogs here, we decided to zero in on the dog park that sits within Piedmont Park. From 2015 to 2016, home sales swelled within a half-mile radius of the space – increasing 21.4% to $304,100.

This neighborhood is a lot newer than Grant Park, with 49% of the homes directly near it constructed in 2000 and beyond.

Another interesting thing to note is that there are tons of single people with a 2-mile radius of the dog park. Some 46% of the residents are single, and another 18% are singles who live with roommates.

So, for single homebuyers who are looking for modern architecture and a pet-friendly space within Atlanta, this neighborhood is clearly the place to search.

3. Centennial Olympic Park

Surprisingly, some people want to be in the midst of it all. Centennial Olympic Park is smack-dab in the middle of Atlanta and very close many of its tourist attractions, e.g. World of Coca-Cola and CNN Studios.

That said – only one-quarter of the units in this area are owned, and the vast majority of people who live near the park (79%) also fit into the singles category.

Pretty much every single home within a half-mile radius of the park is a condo, and with a median sales price of $215,000, homes are 14% less expensive than overall Atlanta prices. Still, people are willing to pay more to be closer to the park and the downtown action. Homes one mile away came in at a median price of $175,000, an 18% decrease from the homes closer by.

4. Historic Fourth Ward Park

One would think that a neighborhood with “Old” in its name would comprise tons and tons of antiquated homes, but that’s not necessarily the case here. The area that directly surrounds Historic Fourth Ward Park is fairly new, with 65% of homes that sold last year built in 2000 and after.

But people in this area are definitely willing to pay more to be closer to the park. Within a .5-mile radius of the park, homes went for a median of $301,000 last year, which is 20.4% higher than what people are paying within a one-mile radius.

If you needed any more proof that people in this neighborhood value their green spaces and their dogs, just take a look at what former Atlanta Falcons player Garrett Reynolds is looking to build. Reynolds and his business partner invested last year in a concept called “Fetch” in Old Fourth Ward, which will incorporate an open-air restaurant + dog park.

5. Chastain Memorial Park

There weren’t many sales within .5 miles of Chastain Park, but of all the homes analyzed in this piece, those near Chastain were by far the most expensive. In 2016, the median sales price was a mere $400,000.

Surprisingly, folks near Chastain are willing to pay a lot more to be a little further away from the park. Homes within a one-mile radius went for a median of $527,000 last year.

We wonder if the amphitheatre might have something to do with this. Living near a park is amazing, but the lively tunes of Lady Gaga and Duran Duran streaming into the backyard might not be for everyone.

6. Pekerson Park

Of all the areas we rounded up, home prices near Peterson Park were the lowest. In 2016, home prices within a half-mile radius of the park came in at a median of $98,000, which was still a 9% increase year-over-year.

Interestingly, one-third of those homes that sold within a .5 mile radius of the park went for above asking price – bringing us back to that whole gentrification topic. On average, buyers were willing to pay 5% more than asking price for homes near Pekerson Park.

Our take? As Pekerson is one of the most popular parks in the city, we’re going to continue to see increases on home prices significantly steadily rise year over year.

7. Freedom Park

Source Curbed Atlanta

Freedom Park is another “new” neighborhood, with 67% of the homes sold last year having been constructed in 2000 and beyond.

In terms of home sales, buyers are paying about 7.6% more to live within a half-mile radius of Freedom Park than they are in Atlanta as a whole. It’s difficult to determine if people are willing to pay more to be near the park around this neighborhood due to the area’s abundance of greenspaces.

More greenspaces, higher property values

As developers propose ideas for new Atlanta parks, like Westside Reservoir Park and the Park over GA 400, it’s inevitable that property values will continue to rise significantly in pockets of the city. For buyers who find greenspaces desirable, now is an ideal time to buy. As for sellers, pricing effectively to get the highest return is crucial.

To learn how Knock analyzes market dynamics to price homes effectively, read up on our strategy.

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