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Redfin Determines the Value of a Garage Across Major U.S. Metros

6/7/2019 8:23:15 AM

(MENAFN- PR Newswire) SEATTLE, June 7, 2019 /PRNewswire/ -- (NASDAQ:RDFN ) — Chicago homes with garages sell for an estimated 38% more than comparable homes without them, according to anew analysisfrom Redfin ( www.redfin.com ), a technology-powered real estate brokerage. This equates to an additional $46,745 on the sale price of a typical Chicago home, the biggest home price premium of any metro area in the U.S. that meets the criteria for the analysis. Nationwide, homes with garages sell for $23,211 more than homes without garages, which equates to a 12 percent premium.

The five metros where garages are worth the most—Chicago, St. Louis, Columbus, Oklahoma City and Cleveland—are all located in the Midwest, where winters tend to be cold and snowy. Garages aren't as valuable in places with warmer year-round climates like Honolulu, Los Angeles and Austin.

"In the winter, finding a place to park is even more difficult because more people drive to work when it's cold outside," said Lamar Austin, a Redfin agent in Chicago. "And when you finally do find a parking spot at the end of the day, you usually have to shovel the snow before you can park there. If you have a garage, you may have to shovel snow from the driveway, but at least your car won't get buried overnight."

Table: Home Price Premiums Associated with Having a Garage

Metro area

Average garagepremium (%)

Average garagepremium ($)

Share of homes soldin 2018 that have agarage

National

12%

$23,211

85.2%

Chicago, IL

38%

$46,745

94.1%

St. Louis, MO

35.1%

$34,352

70.5%

Columbus, OH

24.2%

$24,154

87.1%

Oklahoma City, OK

22.4%

$19,040

93.6%

Cleveland, OH

21.6%

$21,285

92.8%

Memphis, TN

20.9%

$20,686

71.3%

Akron, OH

19.8%

$13,423

87.1%

Albany, NY

19.5%

$30,808

81.3%

Fort Worth, TX

19.4%

$27,522

91.9%

Dallas, TX

17.4%

$28,715

92.8%

West Palm Beach, FL

17.3%

$40,636

85.5%

Lakeland, FL

16.9%

$21,918

87.2%

Tampa, FL

15.5%

$26,886

91.1%

Fort Lauderdale, FL

14.6%

$37,543

86.2%

Orlando, FL

14.5%

$25,918

92.7%

Louisville, KY

13.4%

$17,917

74.2%

Charlotte, NC

13.0%

$20,971

72.4%

Montgomery County, PA

12.9%

$31,232

78.2%

Tucson, AZ

12.6%

$21,091

73.6%

Tulsa, OK

12.2%

$9,050

93.3%

Wilmington, DE

11.8%

$20,706

72.2%

Birmingham, AL

11.8%

$13,145

70.1%

Fresno, CA

11.8%

$20,011

93.4%

Little Rock, AR

11.5%

$13,297

76.2%

Hampton Roads, VA

11.0%

$19,246

91.1%

Las Vegas, NV

10.8%

$20,457

97.4%

Phoenix, AZ

10.7%

$21,487

89.1%

Denver, CO

10.6%

$35,411

91.6%

Cincinnati, OH

10.5%

$12,117

89.0%

Baltimore, MD

10.4%

$27,065

70.3%

Providence, RI

10.3%

$24,487

63.1%

North Port, FL

10.0%

$18,958

91.8%

New York, NY

9.6%

$41,372

86.1%

Camden, NJ

9.3%

$13,779

69.8%

Sacramento, CA

8.7%

$26,528

93.4%

Atlanta, GA

8.5%

$15,372

87.5%

Boston, MA

8.5%

$33,567

62.4%

Washington, DC

8.5%

$32,138

76.9%

Tacoma, WA

8.4%

$22,589

87.5%

Houston, TX

8.3%

$13,696

98.2%

Nashville, TN

8.2%

$16,810

86.6%

Worcester, MA

7.3%

$16,723

69.7%

Miami, FL

7.3%

$21,795

82.0%

Oakland, CA

7.0%

$46,336

92.0%

Long Island, NY

7.0%

$26,154

82.9%

Ogden, UT

7.0%

$14,173

82.3%

Salt Lake City, UT

7.0%

$17,794

85.1%

Portland, OR

6.6%

$23,274

90.9%

Riverside, CA

6.5%

$17,479

97.5%

Seattle, WA

6.1%

$31,796

85.1%

Philadelphia, PA

6.0%

$13,124

63.1%

Richmond, VA

5.8%

$11,282

45.5%

San Diego, CA

5.4%

$29,263

92.7%

Honolulu, HI

4.1%

$32,250

50.6%

Los Angeles, CA

3.5%

$25,978

95.7%

Austin, TX

3.2%

$9,522

49.6%

Raleigh, NC

$3,961

80.7%

In Austin, a sprawling metro area where snow is very rare, garages are associated with a much lower premium. Garages are also much more common in Chicago than Austin: nearly 95 percent of homes in the Chicago metro have garages, while less than half of them in the Austin metro do.

"A lot of builders in the inner core of Austin skip garages in favor of adding more livable square space to the house," said local Redfin agent Andrew Vallejo. "Homebuyers don't necessarily expect to get a garage if they're buying a home inside the city, though many people do value them, particularly in the suburbs where a two-car garage is the norm."

Redfin compared the sale prices of single-family homes that sold in 2018 with a garage to comparable homes without a garage. The results are reported by metro area in terms of the sale price premium, as a percentage and in dollars, attributed to the presence of a garage. The ranking is limited to metro areas with at least 1,500 homes that met the criteria for this analysis, with at least 500 homes with a garage and 500 homes without.

To read the report, including a full methodology, please visit:https://www.redfin.com/blog/does-a-garage-add-value-to-a-home .

About Redfin Redfin ( www.redfin.com ) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including theRedfin Estimate , the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.

For more information or to contact a local Redfin real estate agent, visitwww.redfin.com . To learn about housing market trends and download data, visit theRedfin Data Center . To be added to Redfin's press release distribution list,subscribe here. To view Redfin's press center,click here .

SOURCE Redfin