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Real Estate Impact Review of Parks & Recreation

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.
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Key FIndings:

  • 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.

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Last modified by Nate Lotze

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