Baseball may not enjoy the same status it had in its glory days as the country’s greatest pastime, but in many places it remains as a significant influence on real estate.
Well, its stadiums do.
A new report from real estate listing portal Trulia highlights the impact, or at least correlation, between major league baseball stadiums and surrounding home values – ”surrounding” meaning within one mile.
Researchers for the website analyzed 29 stadiums – they excluded Toronto’s Rogers Centre – and found that the majority (18) were ringed with properties having higher median values than that of the overall city’s. It was mostly newer stadiums (built after 1999) that correlated more positively to home value – though, some older stadiums were accompanied by high median home values.
Houston’s Minute Maid Park was built smack dab in the middle of the city’s downtown in 2000. Home prices have grown around it. Properties throughout the city share a median value of $171,162, while home values around the stadium are nearly double that with a median of $306,686. The difference between nearby and citywide median rents is the widest in the country at 31.3 percent – which equates to $2,100 a month versus $1,600.