In our update, correlate schools and home prices in any neighborhood. Use the new school filter available now in the Zonda 5.1 release to understand the intersection of home value, school performance, and location. Preview the feature with a short case study below.
Land Feature: Optimize Home Price To School
Instantly reveal the school influence with the new map filter. Quickly create project, closings, and listings price graphs to pit pricing per square foot for one school boundary against another. Use alongside the school district filter to showcase the location.
Our Case Study
We know 25% of buyers value school quality during their house hunt, and another 20% consider the proximity to school as a motivational factor in their home purchase. Using data to optimize price strategy, how can builders quantify the premium for schools?
Pick your schools. Using the Zonda iPad app, we zoomed in on two older and well-established high schools in Irvine, University High, and Woodbridge High. The schools are three miles apart. Though both have a good reputation, anecdotally, local home buyers consider one academically superior to the other.
Check the scores. The GreatSchools rating, the widely-used resource for evaluating school performance, showed both schools rated at a 10 (above average). In addition, the older Academic Performance Index revealed that University High outperforms in academics.
Create a price graph. To understand how higher test scores might influence home values, we created two closing price graphs of existing homes within each of the school’s boundaries to see how they compare. Around Woodbridge High, homes were built in the early 1980s with lot sizes of roughly 4,800 square feet selling for $1.0M (or $441 per square foot). By comparison, University High homes built at the same time sell for $1.1M (or $483 per square foot) for lot sizes averaging 5,400 square feet. While both schools are outstanding by many standards, resales surrounding University High, which ranks higher in academics, achieves 10-13% higher value.
That’s it, quick yet powerful. Understanding the nuances of school boundaries and academic performance can guide homebuilders in pricing their homes (even more so for infill locations) as well as boost the confidence of consumers to purchase your home as an investment.
We’re pleased we could bring more clarity and consistency to your Zonda experience. Thank you for checking out the updates. To schedule a Zonda demo of the new features get in touch with our team.