When is comes to real estate location is King. A recent study released by Realtor.com shows that homes in Beverly Hills are nearly 700% more than the Los Angeles county median, partly of because of a good school district.
The study shows that that on average, homes in good school districts are nearly 50% more expensive.
The study looked at homes in school districts rated 9 or 10 on a 10-point scale at GreatSchools.org compared to homes in districts rated 6 or less. The analysis shows homes within the boundaries of the higher rated public school districts are, on average, 49% more expensive at $400,000 than the national median of $269,000.
“It’s common knowledge that buyers are often willing to pay a premium for a home in a strong school district,” Realtor.com said. “Our analysis quantifies just how good it is to be a seller in these areas.”
In Los Angeles County, prices for homes in Beverly Hills, whose school district ranked 9, are 689% higher than the county median.
Homes in good school districts do not just cost more, on average, they also sell faster too, according to the study. Houses located in these areas sell 8 days faster than homes in below average school districts, 5 days faster, at 58 days than the national average.
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