Good Schools Equate to Higher Residential Real Estate Market Value
July 17, 2014
Even though school is “out for the summer”, it is important to be informed when making a real estate decision. One of the key factors that contribute to the market value for residential real estate is the public schools. The local public school can be an even larger contributor than style, age and size of the home. Public school district falls into the category of location, because in the majority of the cases the school is location dependent. Test scores, which translate into ranking, is the indicator that many people rely on to determine whether a school is considered good.
According to the April 19, 2012 CNNMoney story, good schools can translate into an extra $200,000 in home value (http://economy.money.cnn.com/2012/04/19/living-near-good-schools-will-cost-an-extra-200k/). There are several reasons cited: higher percentage of home ownership; homes are larger; annual housing costs are higher on average.
One of the sources many people cite for public school rankings is the U.S. News Best High Schools. Northern Virginia is home to many of the top Virginia High Schools. This is the market area where the Huckaby Briscoe Conroy Realty Group works with both buyers and sellers of real estate.
The highest ranked Virginia school which is currently number 4 in the nation is Thomas Jefferson High School for Science and Technology, which is commonly referred to as “TJ”. TJ is the only one of the ten top schools in Northern Virginia that is not location driven but rather the students test into the school. Ranked second in Virginia is George Mason High School in Falls Church City. The next 5 are in the Fairfax County Public Schools system: James Madison High School; Langley High School; Oakton High School; McLean High School; W.T. Woodson High School. Yorktown High School in Arlington ranks number 8. Numbers 9 and 10 are in Fairfax County Public School system: West Springfield High School; George C. Marshall High School.
A professional Realtors ® is the best source for understanding the factors that contribute to school ranking on local market value of real estate. The Huckaby Briscoe Conroy Realty Group is intimately familiar with the Northern Virginia, Washington DC and metro Maryland real estate market. Whether looking to buy or sell in the area, Karen Briscoe and Lizzy Conroy along with their team of agents would be delighted to be of assistance. Please contact via the means most convenient for you: www.HBCRealtyGroup.com, 703-734-0192, Homes@HBCRealtyGroup.com.
