New Redfin report shows how it costs, and pays, to live in a neighborhood with a highly ranked school district.
It’s widely known and accepted that living in a highly ranked school district means paying premium prices for properties that may have sold lower elsewhere, but that’s the cost of a good education in the U.S.
In a new Redfin report, the real estate group compares the cost of living in a top neighborhood with a highly ranked school district with that of the surrounding metro area. Of course, as expected, sale prices were higher. While the national median sale price hovers at around $290,000, neighborhoods with top public schools cash in at just under $475,000.
A steep price indeed, but there are perks to living in such a sought-after area, as well. For instance, Redfin discovered that homes are more likely to sell above asking price. On average, 30 percent of homes in a top neighborhood sell over asking price compared to only 23 percent for the rest of the country. Homes also sell faster, staying on the market for only 25 days, compared to 31 days nationally.
Check out our infograph below to learn about the top Chicago neighborhoods for highly ranked schools: