Residential Real Estate Market Value Higher for Good Schools
October 21, 2015
One of the key factors that contribute to the market value for residential real estate is the public schools. In my experience the local public school can be an even larger contributor than style, age and size of the home. I believe 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 which is updated annually. Northern Virginia is home to many of the top Virginia High Schools http://www.usnews.com/education/best-high-schools/virginia. This is the primary 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 3 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 top schools in Northern Virginia that is not location driven but rather the students test into the school. Ranked second in Virginia is Langley High School in McLean. The remaining 6 that are in the Fairfax County Public Schools system in order of their rankings: W.T. Woodson High School; McLean High School; George Mason High School; Oakton High School; James Madison High School and Fairfax High School.
A professional Realtor® is the best source for understanding the factors that contribute to school ranking on local market value of real estate. Karen Briscoe and Lizzy Conroy and their team of Associate Agents are active and experienced Realtors® in the Northern Virginia, Washington DC and suburban Maryland market place and would be delighted to assist whether for home buying or selling.
Visit our website for more information at: www.HBC RealtyGroup.com; 703-734-0192 or Homes@HBCRealtyGroup.com.
