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  1. Housing
  2. Home Prices

Your Home Could Be Worth More If It's Near One Of These

By:
Kerry Close
3 min read
Homes near the Greek Theatre in Los Angeles (where Ringo Starr performs, above) are worth about 63% more than those in the surrounding zip code. - Scott Dudelson—Getty Images
Homes near the Greek Theatre in Los Angeles (where Ringo Starr performs, above) are worth about 63% more than those in the surrounding zip code. Scott Dudelson—Getty Images

Loud neighbors are typically bad news for homeowners–except, apparently, if they're famous musicians rocking sold-out shows.

A study released Thursday from Realtor.com and Vividseats.com found that homes within a mile of 20 outdoor concert venues around the country showed on average a nine-percent premium on price.

The location where it pays off most to be close to a music venue is Capital City Amphitheater in Tallahasee, Fla., where the median home is 78% more expensive (at $177,500) than the surrounding zip code. That metro area was followed by homes located within a mile of OKC Zoo Amphitheatre in Oklahoma City, where prices were 68% more expensive than the adjacent zip code. In third were homes within one mile of the Greek Theatre in Los Angeles, where real estate was 63% pricier than the nearby zip code.

That disparity is likely due to the fact that concerts increase foot traffic, helping local businesses and the area's cool factor. And of course, for residents themselves, there's the added bonus of being able to walk to see your favorite band perform live.

"Walkability to restaurants and shopping has become an increasingly important feature for home buyers over the last few years, especially millennials," said Jonathan Smoke, chief economist for Realtor.com. "Our analysis shows this desire for close proximity also extends to live music."

Here are the areas where proximity to a music venue translates to the biggest home price premium:

Ranking

Venue

Home Prices Within 1 Mile of Venue

Home Prices in ZIP Code

Venue vs. ZIP Code

1

Capital City Amphitheater (Tallahassee, Fla.)

$177,500

$100,000

78%

2

OKC Zoo Amphitheatre (Oklahoma City)

$49,500

$29,500

68%

3

Greek Theatre - Los Angeles (Los Angeles)

$2,100,000

$1,285,000

63%

4

Investor Amphitheatre (Gainesville, Ga.)

$199,450

$125,000

60%

5

Cincinnati Playhouse In The Park (Cincinnati, Ohio)

$319,750

$219,750

46%

6

Oregon Zoo Amphitheatre (Portland, Ore.)

$700,000

$494,950

41%

7

The Levitt Shell (Memphis, Tenn.)

$210,000

$150,500

40%

8

Surly Brewing Festival Field (Minneapolis)

$316,500

$232,250

36%

9

Weesner Family Amphitheater at the Minnesota Zoo (Apple Valley, Minn.)

$249,900

$193,500

29%

10

Ravinia (Highland Park, Ill.)

$605,000

$487,500

24%

11

Tallahassee Pavilion (Tallahassee, Fla.)

$120,000

$100,000

20%

12

Sawyer Point Park (Cincinnati)

$260,500

$219,750

19%

13

Madera Fairgrounds (Madera, Calif.)

$237,000

$205,000

16%

14

Red Hat Amphitheater (Raleigh, N.C.)

$300,500

$260,000

16%

15

Clarke County Fairgrounds (Berryville, Va.)

$315,000

$273,950

15%

16

Wolf Trap Farm (Vienna, Va.)

$882,500

$780,000

13%

17

Ascend Amphitheater (Nashville)

$307,000

$275,000

12%

18

Ravina on the Lakes (Peoria, Ill.)

$177,000

$160,950

10%

19

Concord Pavilion (Concord, Calif.)

$575,000

$525,000

10%

20

Bayfront Park (Miami, Fla.)

$392,500

$358,500

9%

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