No matter where you live in the country, summertime means getting outside, firing up the grill, and trying to find any body of water, natural or manmade. But perhaps the most quintessential summer event is enjoying music outdoors. And outdoor music venues and festivals have never been more popular. But what does all that noise, traffic and hordes of fans mean for local homeowners and their home prices?
Though it seems counterintuitive if you have any friends who complain about the obvious annoyances or even leave town during larger events, proximity to outdoor music venues actually raises property values. A recent report issued by Realtor.com identified 20 outdoor music venues where homes within walking distance actually see at least a 9% premium in price, compared with the rest of the area.
“Many factors can impact home prices, but our analysis shows that home values can benefit from being in close proximity to outdoor concert venues,” according to Jonathan Smoke, chief economist for realtor.com. “Walkability to restaurants and shopping has become an increasingly important feature for home buyers over the last few years, especially millennials. Our analysis shows this desire for close proximity also extends to live music.”
Smoke compared realtor.com’s residential sales and deed database with outdoor venue information provided by Vivid Seats, an independent ticket marketplace. His team examined home prices within 1 mile of 68 outdoor concert venues, comparing them with home prices in the surrounding ZIP code.
And the price appreciation winner is: Capital City Amphitheater in Tallahassee, FL, where the median-price homes within walking distance are 78% more expensive, at $177,500, than the surrounding ZIP code. Homes located within a mile of OKC Zoo Amphitheatre in Oklahoma City—No. 2 on our list—were 68% more expensive than the surrounding ZIP code, at $49,500. And homes within 1 mile of the historic Greek Theatre in Los Angeles, our third-place venue, were worth 63% more than their neighbors farther from the venue, with a median price of $2,100,000.
“Live events like concerts add so much to a community,” said Julia Litz, a spokesperson for Vivid Seats. “The added foot traffic aids local business while the culture and vibrancy of the event add excitement. Plus, for residents of the neighborhood there’s the added benefit of simply walking to and from the venue.”
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