The impact of greenways on property values: Evidence from Austin, Texas

The effect of greenways on surrounding residential property values remains somewhat of an unknown quantity. Though several studies have ascertained that nearby residents tend to view greenways as positive or neutral amenities that increase or have no discernible impact on property values and saleability, these results are mostly based on anecdote rather than actual market data. Using the hedonic pricing method, this study demonstrates that greenways may indeed have significant positive impacts on proximate properties' sales prices. Adjacency to a greenbelt produced significant property value premiums in two of three neighborhoods. Physical access to a greenbelt had a significant, positive impact in one case, but was insignificant in two others. No negative greenway impacts were recorded.