TRAFFIC EXTERNALITIES AND SINGLE‐FAMILY HOUSE PRICES*

William T. Hughes · Clemon F. Sirmans

113 citations0/0 files storedJournal of Regional Science

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Housing Market and Economics Regional Economics and Spatial Analysis Urban Transport and Accessibility

Abstract

ABSTRACT. This study is the first to lend empirical support to the common belief that traffic intensity affects property values. Using a standard hedonic pricing model, this paper investigates the price effects on housing of traffic within a neighborhood. Results using data on single‐family housing transactions for two different locations in a medium‐sized city show a substantial negative price effect of traffic externalities. The magnitude of the effect is shown to be location specific.

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References

1974Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition 1988The Efficiency of the Market for Single-Family Homes 1978Time on the Market and Selling Price 1986An empirical test of the efficiency of the housing market 1977The Effects of Zoning and Externalities on the Price of Land: An Empirical Analysis of Monroe County, New York

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