The Cost of Convenience: Analyzing Property Prices Near Airports and Public Transit Hubs

Location, location, location! It's the mantra of real estate, and proximity to transportation hubs is a key factor influencing property values. This data-driven analysis explores the cost of convenience by comparing median home prices and market dynamics in cities with varying access to airports and public transit.

Comparing Median Home Prices Across the Nation

Let's start by examining median home prices in a selection of cities. In Corvallis, OR, the median sale price is $370,000. Contrast this with Erie, PA, where the median price is significantly lower at $214,500. Moving south, Kannapolis, NC, boasts a median price of $332,000. In the Midwest, Maple Grove, MN, shows a higher median price of $557,500, while Beavercreek, OH, comes in at $340,000. These initial comparisons highlight the diverse range of property values across different regions.

Further west, Albany, OR, has a median sale price of $420,950. Wheeling, IL, offers a more affordable option with a median price of $253,000. On the West Coast, Brea, CA, commands a premium with a median price of $766,000. Finally, in the South, North Little Rock, AR, presents a relatively lower median price of $160,500.

Luxury Markets and Transportation Access

The upper echelons of the real estate market reveal even more dramatic price differences. Sturgis, SD, has a staggering median sale price of $369,375,000. Indian Creek, FL, follows with a median price of $79,000,000. Jupiter Island, FL, boasts a median price of $16,000,000, while Sagaponack, NY, isn't far behind at $15,500,000. Sullivan's Island, SC, has a median price of $13,500,000, and Hunts Point, WA, comes in at $12,500,000. Crystal Bay, NV, shows a median price of $11,800,000, and Watch Hill, RI, has a median price of $11,750,000. Fort Wingate, NM, has a median price of $11,000,000, and Mulford, CO, rounds out the list with a median price of $10,750,000. For more detailed information, check out our prices analysis.

Analyzing Homes Sold and Days on Market

Beyond median prices, the number of homes sold and the average days on market (DOM) provide valuable insights into market activity. In Corvallis, OR, only 1 home was sold, with a DOM of 30 days. Erie, PA, also saw 1 home sold, but remarkably, it was on the market for just 1 day. Kannapolis, NC, experienced a much higher volume with 63 homes sold and a DOM of 57 days. Maple Grove, MN, had 60 homes sold with a quick DOM of 14 days, indicating a hot market. Beavercreek, OH, saw 52 homes sold with a DOM of 19 days.

Albany, OR, recorded 60 homes sold with a DOM of 48 days. Wheeling, IL, had 10 homes sold and a DOM of 58 days. Brea, CA, saw 1 home sold with a DOM of 53 days. North Little Rock, AR, had 66 homes sold with a DOM of 50 days. Sturgis, SD, had 1 home sold with a DOM of 200 days, suggesting a slower market for high-end properties. Indian Creek, FL, also had 1 home sold, with a DOM of 141 days. Jupiter Island, FL, had 3 homes sold with a DOM of 103 days. Sagaponack, NY, had 1 home sold with a DOM of 82 days. Sullivan's Island, SC, had 1 home sold with a DOM of only 5 days. Hunts Point, WA, had 1 home sold with a DOM of 152 days. Crystal Bay, NV, had 1 home sold with a DOM of 190 days. Watch Hill, RI, had 1 home sold with a DOM of 182 days. Fort Wingate, NM, had 1 home sold with a DOM of 515 days, and Mulford, CO, had 1 home sold with a DOM of 43 days.

The Impact of Transportation on Property Values

While this data doesn't directly correlate proximity to transportation hubs, we can infer some relationships. Cities like Brea, CA, with high median prices, often benefit from access to major airports and extensive public transit systems, driving up demand and property values. Conversely, cities with lower median prices might have less developed transportation infrastructure or be located further from major hubs. However, other factors like local amenities, school districts, and job markets also play significant roles. For more detailed information, check out our prices analysis.

For example, the relatively low DOM in Maple Grove, MN, coupled with a high median price, suggests strong demand, which could be influenced by its proximity to Minneapolis-St. Paul International Airport and access to the Twin Cities' public transit network. In contrast, the longer DOM in Sturgis, SD, despite its high median price of $369,375,000, might reflect the limited transportation options and the unique nature of the luxury market in that area.

Data-Driven Insights and Market Considerations

Analyzing these data points provides a foundation for understanding the complex interplay of factors influencing real estate prices. While convenience, as measured by proximity to transportation, is undoubtedly a factor, it's crucial to consider the broader economic and social context of each city. Further property analysis would be needed to fully understand the market dynamics.

Understanding Market Cooling

It's also important to consider whether a market is cooling down. For a deeper dive into this, see our prices analysis on cooling markets.

Booming Markets

Conversely, some markets are booming. To see which cities are experiencing skyrocketing prices, check out our prices analysis of the top 10 booming U.S. cities.

Conclusion

The cost of convenience in real estate is a multifaceted issue. While proximity to airports and public transit can contribute to higher property values, it's just one piece of the puzzle. Factors like local economies, amenities, and market trends all play a role in shaping the real estate landscape. By analyzing data and considering these diverse influences, buyers and sellers can make informed decisions in today's dynamic market.