Living down the street from a rowdy concert outlet could have benefits for more than just music lovers!
Music to a homeowner’s ears
Read more: This one mistake is costing home sellers more than $2,000
According to a Realtor.com study, living within walking distance of an outdoor music venue could have an impact on the value of your home. Homes nearby the top 20 venues were valued at least 9% higher than the rest of the area.
“Walkability to restaurants and shopping has become an increasingly important feature for home buyers over the last few years, especially millennials,” said Jonathan Smoke, chief economist for Realtor.com. “Our analysis shows this desire for close proximity also extends to live music.”
The study looked at home prices within a mile of 68 outdoor concert venues and compared them with home prices in the surrounding zip code.
Capital City Amphitheater in Tallahassee, Florida, was the big winner. Median-price homes within walking distance of the concert stage are 78% more expensive ($177,500) than the surrounding zip code.
Here is a look at the top 20, courtesy of Realtor.com:
Ranking |
Venue |
Home prices within 1 mile of venue |
Home prices in zip code |
Venue vs. zip code |
1 |
Capital City Amphitheater (Tallahassee, FL) |
$177,500 |
$100,000 |
78% |
2 |
OKC Zoo Amphitheater (Oklahoma City, OK) |
$49,500 |
$29,500 |
68% |
3 |
Greek Theatre (Los Angeles, CA) |
$2,100,000 |
$1,285,000 |
63% |
4 |
Investor Amphitheatre (Gainesville, GA) |
$199,450 |
$125,000 |
60% |
5 |
Cincinnati Playhouse In The Park (Cincinnati, OH) |
$319,750 |
$219,750 |
46% |
6 |
Oregon Zoo Amphitheatre (Portland, OR) |
$700,000 |
$494,950 |
41% |
7 |
The Levitt Shell (Memphis, TN) |
$210,000 |
$150,500 |
40% |
8 |
Surly Brewing Festival Field (Minneapolis, MN) |
$316,500 |
$232,250 |
36% |
9 |
Weesner Family Amphitheater at the Minnesota Zoo (Apple Valley, MN) |
$249,900 |
$193,500 |
29% |
10 |
Ravinia (Highland Park, IL) |
$605,000 |
$487,500 |
24% |
11 |
Tallahassee Pavilion (Tallahassee, FL) |
$120,000 |
$100,000 |
20% |
12 |
Sawyer Point Park (Cincinnati, OH) |
$260,500 |
$219,750 |
19% |
13 |
Madera Fairgrounds (Madera, CA) |
$237,000 |
$205,000 |
16% |
14 |
Red Hat Amphitheater (Raleigh, NC) |
$300,500 |
$260,000 |
16% |
15 |
Clarke County Fairgrounds (Berryville, VA) |
$315,000 |
$273,950 |
15% |
16 |
Wolf Trap Farm (Vienna, VA) |
$882,500 |
$780,000 |
13% |
17 |
Ascend Amphitheater (Nashville, TN) |
$307,000 |
$275,000 |
12% |
18
|
Ravina on the Lakes (Peoria, IL) |
$177,000 |
$160,950 |
10% |
19 |
Concord Pavilion (Concord, CA) |
$575,000 |
$525,000 |
10% |
20 |
Bayfront Park (Miami, FL) |
$392,500 |
$358,500 |
9% |
Read more: Has your zip code recovered from the housing crisis?