When it comes to home values, you might not think to look at the closest specialty grocery store. But the latest Zillow research reveals that living near Whole Foods or Trader Joe’s often correlates with a higher home value.
Over the past 15-plus years, homes situated near high-end grocery stores reliably had higher home values than the median. The trend continues with some homes in a close radius of one of the stores. By the end of 2014, homes within 1 mile were worth more than double those in other areas.
You might have heard of the “Starbucks Effect” on home values — a similar bit of research uncovered by Spencer Rascoff, Zillow’s CEO and Stan Humphries, the company’s chief economist, in their book, Zillow Talk. A neighborhood with specialty grocery stores embodies the characteristics that today’s home buyers want: improved community status, new urbanism and walkability. These grocery stores’ reputations indicate the neighborhood is above-par because of the store’s commitment to quality, health and food education.
The Reserve at Creekside is located just 3.4 miles from Whole Foods Market in Plymouth Meeting.