Have you ever wondered if bike trails have an impact on home values? Get the answers here!
I recently was asked to do a presentation on things to do now if you plan to sell your home later. At the same time, I was asked this question by several attendees,
“Will the presence of a bike trail running near my community/home hurt the value of my home?”
While researching this topic, I discovered many studies have been conducted, both locally and nationally, and the conclusions are generally favorable.
Here’s what an Indianapolis article had to say:
BIKE PATHS AND REAL ESTATE
As we pointed out in our report, The Economic Benefits of Bicycle Infrastructure Investments, studies have shown that real estate property values increase with proximity to bicycle paths. People enjoy living close to bike paths and are willing to pay more for an otherwise comparable house to be closer to one. For example homes within a half mile of the Manon Trail in Indianapolis, Indiana, sell for 14 percent more than comparable houses farther away from the trail.by Darren Flusche – May 18, 2010
In November 2006, the University of Delaware conducted an extensive study on “Property Value/Desirability Effects of Bike Paths Adjacent to Residential Areas. In its conclusion, they stated:
Summary Opinion of Research Review The majority of studies indicate that the presence of a bike path/trail either increases property values and ease of sale slightly or has no effect. Studies have shown that neighbors of many bike paths/trails feel that the quality of life of their neighborhood has been improved, that the trails were a good use of open space, and in the case of abandoned railways were an improvement from before the trails went in. There is definitely a large portion of the population that sees bike paths as an amenity and will seek out residences near trails, parks, and other natural resource areas. Some studies express that those recently moving into areas near bike paths are generally more favorable to the paths than those who have lived in neighborhoods before the construction of a trail. In some areas, a large majority of neighbors are very happy with the trails, even some who were originally opposed to their construction.
The Presence of Biking and Walking Trails is Desirable
Based on so many of our Active Adult buyers, the growing network of biking and walking trails throughout Delaware is a huge asset. As the Georgetown/Lewes Trail extended west and underneath Route 1, it made communities west of Route 1 near the trail far more attractive.
Delaware was ranked No. 4 in the nation (and No. 1 on the East Coast) among bicycle-friendly states, thanks to its statewide system of trails, scenic state parks, and miles of pristine ocean coastline. Check out Visit Delaware for a listing of some scenic bike trails.
If you’re a cyclist and desire living near conveniently located biking and walking trails, let us know. The Active Adults Realty team will be happy to show you homes to match your interests and needs. Delaware is a cyclist-friendly state with numerous choices for riding trails.