Natural Areas Improve Property Values

“One study addresses the issue of the amenity effects of open space that provide specific uses. Using sales transactions from the metropolitan area of Portland, Oregon, Lutzenhiser & Netusil (2001) look at the impact of several different types of open space, namely parks, golf courses and cemeteries, on property values. The authors divide the generic term “park” into three categories, urban park, natural area park, and specialty park/facility, as defined in table 1. Natural area parks are found to have the largest statistically significant influence. On average, homes within 1,500 feet of a natural area park are estimated to sell for $10,648 more than homes outside the 1,500-foot buffer. Also statistically significant in influencing sale prices upwards are golf courses ($8,849), specialty parks/facilities ($5,657), and urban parks ($1,214). Proximity to cemeteries does not show a statistically significant effect on a home’s sale price.”

Source: “EVALUATING THE ECONOMIC IMPACT OF COMMUNITY OPEN SPACE AND URBAN FORESTS: A LITERATURE REVIEW” by Nanette Nelson, The University of Georgia. November 2004

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