Tuesday, 18 June 2019 01:39 GMT
img

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




(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


2%


$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


Related Links

http://www.redfin.com


×
Modal title
Also from this source

Redfin Report: New-Construction Home Prices Fell 1% in the First...

Redfin: Millennials Could Buy Homes 3 Years Faster under Sen....
Explore
More news releases in similar topics




  • Real Estate


  • Residential Real Estate


  • Surveys, Polls and Research


MENAFN0706201900701241ID1098618700


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

  Most popular stories  

Day | Week | Month