With demand for on-street parking on the rise in some Buffalo districts, local realtor Rondinelli Real Estate (716-681-1926) launches a new report analyzing the impact that having a driveway can have on property value.
Rondinelli Real Estate based in Buffalo, New York has launched a new report analyzing the effect that a driveway can have on property sale prices.
More details can be found at: https://www.rondinellire.com/post/so-how-much-is-a-driveway
Conducted in conjunction with Ryan Thomas of Cornell University, the new report describes the hedonic regression analysis that was used in the study as well as the counterintuitive results found.
According to statistics reported by ValuePenguin, 91.3% of households across the US have access to at least one car. For a city like Buffalo, where driving is generally the preferred mode of transport, having access to convenient parking at home and work would be a major consideration.
As Rondinelli Real Estate’s new report points out, however, cities such as Buffalo, Lockport, Lackawanna, and Niagara Falls have multiple areas that are more tightly developed. Many houses in these suburbs do not have driveways, increasing the demand for on-street parking and, presumably, increasing the frustration for vehicle-owners.
In order to ascertain the impact that this would have on property prices, the author embarked on a study of all Eerie County properties sold between August 2019 and February 2021. The recent analysis took into account six variables, being square feet, taxes, number of bathrooms, location inside or outside Buffalo city, and access to a parking space.
In the 1.5-year timeframe being measured, a total of 18,176 house sales were included in the analysis, 237 of which did not have a parking space. Despite multiple variations in how the numbers were run, the new report came to the same conclusion: having a driveway negatively affects property price.
The report continues to offer some possible explanations for the surprising outcome, as well as providing readers with the full data set. Rondinelli Real Estate is a full-service, licensed real estate brokerage serving residents in the Western New York region.
A company representative stated: “Conventional wisdom tells us that a house without a driveway will sell for less than a house with a driveway. The most likely thing is that a driveway has no statistical relevance to the price. To measure the value parking has on a house is like measuring the value of paint color.”
Interested parties can find more information by visiting: https://www.rondinellire.com/post/so-how-much-is-a-driveway