I am always asked by buyers about school districts through the San Francisco East Bay Area. Their questions are not always based on whether they have children, but because historically, homes in neighborhoods that have better school are more valuable.
This axiom holds true in this crazy market as well. Altos Research, a company I use for weekly market information shows that homes in Walnut Creek and a few surrounding cities have fewer days on market. This means that real estate is moving faster in areas that have better schooling.
The State of California has made it very easy to review testing in all public schools. http://star.cde.ca.gov/ is the web site that shows all California Public Schools test scores, it’s called the Star Report. There is additional information on my website, http://www.benson4homes.com/community/local_schools.php
I caution using this as a Bible. This is raw test data. This does not address the quality of a child’s life with siblings, friends and parental supervision. I sometimes ask my clients with children. Would you rather have you child create the curve or have a rounded eduction in an environment that fits there/your lifestyle?
These are very important questions when purchasing a home in the school rich, fashionable Walnut Creek where a home may cost you $100,000 more than a similar home in Concord or Martinez where schools do not have the same reputation, but families still care about their children’s education.
Your thoughts?
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Is there any data to suggest that homes in better school markets also tend to have better long-term appreciation rates?
Kevin,
Your point is well taken. There is data that supports that shools with good testing scores may have higher resale value. Good schools is one of the most important reasons to buy a home.