…”The grocery store phenomenon is about more than groceries,” said Rascoff. “It says something about the way people want to live – in the type of neighborhood favored by the generations buying homes now.
Today’s homebuyers seek things in communities that weren’t even in real estate agents’ vocabularies a generation ago. Walkability, community, new urbanism – and maybe we should add words like sustainable seafood and organic pears.” to read the full zillow press release click the link below.
Zillow analyzed the values of millions of homes near dozens of Trader Joe’s and Whole Foods to conclude that grocery stores and home values are clearly related.
- According to the Zillow analysis, the median home within a mile of a future Whole Foods store appreciates more slowly than other homes in the same city before the store opens. In the months before the stores open, the trend reverses and flips, so that after the stores’ opening dates, homes near Whole Foods appreciate more quickly than other area homes.
- Homes near future Trader Joe’s locations were appreciating at close to the same rate as other homes in the same city before the stores opened. After the opening date, however, Zillow found a clear boost in home appreciation rates. Two years after a Trader Joe’s opened, the median home within a mile of the store had appreciated ten percentage points more than homes in the city as a whole over the previous year.
- The analysis clearly shows that homes near the stores appreciate more quickly than homes in the city as a whole. That means the two brands are very good at choosing locations that will appreciate faster in the future or are actually spurring home appreciation growth – or some combination of the two.
SOURCE: Zillow
For further information, email: press@zillow.com