A literature review finding that neighborhood and community parks have a potentially positive impact on surrounding residential communities. This research report finds a substantial increase in housing values near neighborhood and community parks.
Neighborhood parks can provide up to a 20% increase in housing values for those homes facing the park. Benefits from a neighborhood park can extend to approximately 600 feet, with houses nearer to the park receiving the majority of the benefit.
Community parks may provide benefits up to 33% of the residential real estate value. Homes within 1,000 feet of a large community park ma y receive a 9% increase in home value. Positive externalities of a community park may extend up to 2,000 feet.
ERA also looked at value enhancements generated by other park / open space formats, including greenways.