Areas that have high rated schools tend to be more expensive, according to a new Redfin Study.
For the study, Redfin used ratings by GreatSchool.org that analyzed schools in 22 major metropolitan areas of the country. The experts at Redfin also pulled out listing information of homes sold in these regions.
They found that the median price of a home in regions that had better ranked schools was $474,900 and sold about 30 percent higher than their asking price when compared to their lesser-ranked counterparts.
The study also pointed out that homes in these areas sold 25 days faster than the average of 31 days on the market. Also, not many homes come up for sale in these areas. Last year, for every 100 homes only 5.8 residences were put up sale in these areas.
Below is a list of the areas with high-priced homes and top-ranked schools:
- Orange County, Calif. - Turtle Rock, El Camino Real, Northwood
- Austin, Texas - Steiner Ranch, Circle C Ranch, East Oak Hill
- Long Island, N.Y. - South Wantagh, North Syosset, North Baldwin
- Seattle, Wash. - Queen Anne, Ballard, Factoria
- Phoenix, Ariz. - Desert Ridge, Hillcrest Ranch, Ahwtukee
- San Jose, Calif. - Monta Vista, Blossom Hill, North Los Altos
- Houston, Texas - Shadow Creek Ranch, Kingwood, Sugar Creek
More recently, Livability.com compiled a list of the top cities for kids to grow up in. The website factored in areas that have the highest concentration of school-going children and also considered the amenities - healthcare facilities and healthy food options - a school offered. They also assessed the crime rates and childhood mortality rates of the areas.
According to GreatSchools.org, it is important to consider the child's personality when choosing a school for him or her.
"A quiet child might fare better in a smaller school or a school with small class size. If you have a budding musician or scientist, you'll want to look for a school that has programs in these areas," the website states. They also have several help options on how to choose schools for your kids.
Another previous study by Coldwell Banker Real Estate LLC found that children play a great role in parents' buying decision. More on that report here.
