Boston metro buyers pay more for this feature

There is one feature making a substantial impact on home prices – and what it is may surprise you. A Redfin study¹ examined how much a garage influences prices and the differences among metro areas.

• Boston metro buyers pay 8.5% more ($33,567) on the average property in order to secure a garage. Nationally‚ buyers spend an extra 12%.
• 62.4% of homes sold in 2018 in the Boston area have garages.
• The extremes: Chicago buyers shell out 38% more for a garage; meanwhile, those in Raleigh spend only 2% more.

As always‚ I enjoy staying in touch and sharing useful market data. Here’s to a great week.

¹Dana Olsen‚ “A garage in Chicago is worth nearly $47‚000‚ more than any other metro‚” Redfin‚ last updated June 6‚ 2019.