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You are here: Home / Light Rail / Here’s A Shocker – Homes Near Transit Worth More

Here’s A Shocker – Homes Near Transit Worth More

September 26, 2013 by Nick Bastian Leave a Comment

For years, we’ve been talking about life and neighborhoods along the Phoenix light rail line. While transit lovers know that we still have a LOT of room for improving, the popularity of homes near the light rail line seems to be reaching larger audiences each year.

While location, location, location has always been important in the real estate industry, the other L word we hear a lot about around here is lifestyle. We often talk to people who love the convenience of living near transit. It might be the ability to get to work, to school, to entertainment or a combination of all three. For some, it’s living greener, for others, it’s simply saving some cash and ditching the car.

Chateau on Central - Phoenix Az

Recently, the National Association of REALTORS and the American Public Transportation Association released information from a study they did that found homes near public transit are worth more than similar properties that do not have nearby access to subways, rail lines, or buses.

Good news for @RailLife ! Study: Homes Near Public Transit Worth More http://t.co/FCD2toLDi1

— Arizona REALTORS® (@AARSuccess) September 24, 2013

 

While we weren’t completely surprised to read the results of the study, we did find some interesting stats and data and enjoyed making comparisons to what we see around here every day.

We found some interesting quotes from the article titled “Public transportation affects home values.” It sounds like many cities have larger demand within the sweet spot of homes within about 1/2 mile of a light rail station. This is certainly what we have found around here, as well.

“When consumers choose a home, they also choose a lifestyle. Shorter commutes and more walkable neighborhoods matter to a growing number of people, especially those living in congested metro areas.”

– Lawrence Yun, chief economist, National Association of REALTORS

While the study had a national look at property values and found some markets to be up to 41% higher near transit, when Phoenix was mentioned, they simply said that our properties “tend to hold their value better than those that are farther away.”

Something we’ve noticed about homes along our light rail line is the fact that there really isn’t enough of it. Yes, there seems to be several property types and many properties for sale, there just normally isn’t a lot for people to choose from in certain areas and price points along the line. Over the past few years, we’ve seen a trend towards “luxury rentals” and we are hearing that more rental projects are in the works. You know what we’d like to see? Some quality infill projects where people can buy a nice new home along the line.

Don’t get me wrong, I absolutely LOVE some of the older and historic homes that we have, but we see a huge desire for people looking to buy something that just doesn’t exist in the market today. While the rental market along the line is and has been strong since the beginning, the need for residential TOD products is certainly strong in the Phoenix, Tempe and Mesa light rail corridors.

The list below shows all of the single family homes within ( approximately ) 1/2 mile from light rail stations. Go ahead and take a look!

Single Family Homes Near Light Rail

44 Listings
1308 E Monroe Street, Phoenix, AZ 85034

$499,900 1308 E Monroe Street
Phoenix, AZ 85034

402 W COLTER Street, Phoenix, AZ 85013

$430,000 402 W COLTER Street
Phoenix, AZ 85013

2110 W BERRIDGE Lane, Phoenix, AZ 85015

$493,000 2110 W BERRIDGE Lane
Phoenix, AZ 85015

501 W MINNEZONA Avenue, Phoenix, AZ 85013

$547,000 501 W MINNEZONA Avenue
Phoenix, AZ 85013

4820 N 14TH Avenue, Phoenix, AZ 85013

$499,000 4820 N 14TH Avenue
Phoenix, AZ 85013

1421 W COLTER Street, Phoenix, AZ 85013

$499,750 1421 W COLTER Street
Phoenix, AZ 85013

305 W CORONADO Road, Phoenix, AZ 85003

$875,000 305 W CORONADO Road
Phoenix, AZ 85003

427 E OREGON Avenue, Phoenix, AZ 85012

$560,000 427 E OREGON Avenue
Phoenix, AZ 85012

Front of home

$1,595,000 23 W PASADENA Avenue
Phoenix, AZ 85013

406 N 12TH Street, Phoenix, AZ 85006

$765,000 406 N 12TH Street
Phoenix, AZ 85006

2516 E VICTORY Drive, Tempe, AZ 85288

$299,000 2516 E VICTORY Drive
Tempe, AZ 85288

2220 W SAN MIGUEL Avenue, Phoenix, AZ 85015

$469,900 2220 W SAN MIGUEL Avenue
Phoenix, AZ 85015

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MLS IDX Listing Disclosure © 2023

Copyright 2023 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Filed Under: Light Rail

About Nick Bastian

Nick Bastian is a 29 year veteran of the real estate industry and can be reached at 602-803-6425. You'll also find him sharing real estate info on his web site and hanging out onTwitter.
Family man, lover of life, maker of friends. A bit of a geek, long time Tempe real estate guy just havin' some fun. What's your story?

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Homes Near Light Rail

44 Listings
1308 E Monroe Street, Phoenix, AZ 85034

$499,900 1308 E Monroe Street
Phoenix, AZ 85034

402 W COLTER Street, Phoenix, AZ 85013

$430,000 402 W COLTER Street
Phoenix, AZ 85013

2110 W BERRIDGE Lane, Phoenix, AZ 85015

$493,000 2110 W BERRIDGE Lane
Phoenix, AZ 85015

501 W MINNEZONA Avenue, Phoenix, AZ 85013

$547,000 501 W MINNEZONA Avenue
Phoenix, AZ 85013

4820 N 14TH Avenue, Phoenix, AZ 85013

$499,000 4820 N 14TH Avenue
Phoenix, AZ 85013

1421 W COLTER Street, Phoenix, AZ 85013

$499,750 1421 W COLTER Street
Phoenix, AZ 85013

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MLS IDX Listing Disclosure © 2023

Copyright 2023 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Lakeside Living

7 Listings
945 E PLAYA DEL NORTE Drive, 2007, Tempe, AZ 85288

$449,900 945 E PLAYA DEL NORTE Drive, 2007
Tempe, AZ 85288

140 E RIO SALADO Parkway, 1005, Tempe, AZ 85281

$480,000 140 E RIO SALADO Parkway, 1005
Tempe, AZ 85281

140 E RIO SALADO Parkway, 203, Tempe, AZ 85281

$1,050,900 140 E RIO SALADO Parkway, 203
Tempe, AZ 85281

420 W 1ST Street, 323, Tempe, AZ 85281

$460,000 420 W 1ST Street, 323
Tempe, AZ 85281

945 E Playa Del Norte Drive, 1015, Tempe, AZ 85288

$485,000 945 E Playa Del Norte Drive, 1015
Tempe, AZ 85288

120 E Rio Salado Parkway, 702, Tempe, AZ 85281

$1,099,900 120 E Rio Salado Parkway, 702
Tempe, AZ 85281

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MLS IDX Listing Disclosure © 2023

Copyright 2023 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

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