Baseball may not enjoy the same status it had in its glory days as the country’s greatest pastime, but in many places it remains a significant influence on real estate.
Well, its stadiums do.
A new report from real estate listing portal Trulia highlights the impact, or at least correlation, between major league baseball stadiums and surrounding home values – ”surrounding” meaning within one mile.
Researchers for the website analyzed 29 stadiums – they excluded Toronto’s Rogers Centre – and found that the majority (18) were ringed with properties having higher median values than that of the overall city’s. It was mostly newer stadiums (built after 1999) that correlated more positively to home value – though, some older stadiums were accompanied by high median home values.
Chicago is in the rare position to host two major league stadiums – Wrigley Field on the North Side and U.S. Cellular Field on the South – and both are surrounded by homes more valuable than the overall city’s.
In Wrigleyville – obviously named for its 112-year-old stadium – median home values is $255,475, or 22.3 percent higher than typical homes throughout the city. Homes around U.S. Cellular Field have a median value of $235,243, which while less than homes near Wrigley, are still 12.5 percent above the city’s total median of approximately $209,000.
Median rent around both stadiums is about $1,900, while citywide the rate is $1,700.