According to the Denver Post, homes near light rail stations on the new Southeast line there have increased in value by nearly 4 percent since the line opened, even while homes in the rest of the Denver market declined by an average of 7.5 percent. The closer the home is to the station, the more the value increased, with those less than half a mile from the station increasing by an average of 17.6 percent.
The article mentions a similar effect in other markets, with single-family home values showing increases ranging from 2 percent in San Diego to a blistering 32 percent in St. Louis. The article also suggests that it is not just station location that causes the biggest increases, but transit-oriented development (TOD) that adds to the attractiveness of the area. North Beacon and Mount Baker (Rainier and McClellan) will have their stations soon, but will the TOD follow? Will we see a similar increase in housing value here on Beacon Hill? The Othello and Columbia City stations are already seeing some development, but there hasn’t been much up on top of the Hill or at the foot of McClellan.
Thanks to Seattlest!