Will living near a Trader Joe’s or Whole Foods raise my home’s value?
According to Zillow…technically…potentially…yes.
Zillow uses data that shows:
“Between 1997 and 2014, homes near the two grocery chains were consistently worth more than the median U.S. home. By the end of 2014, homes within a mile of either store were worth more than twice as much as the median home in the rest of the country.”
That being said, Trader Joe’s and Whole Foods tend to be very specific in the neighborhoods in which they choose to open.
The data Zillow has found, though, is that after the stores open, the median sales price rises faster than before the store was there — indicating to them that the proximity to Trader Joe’s or Whole Foods generally makes an area’s value higher. A press release from Zillow discusses the phenomenon.
This data, of course, excites West Towson neighbors of The Shops at Kenilworth, where Trader Joe’s is moving in 2017.
I will be curious to see if this phenomenon extends to the one mile radius around Kenilworth Mall from 2017-2018!
Either way, Towson is a very popular place to live. If you are considering buying a home in Towson, please contact me. I would love to help!