Deadly Serious Redfin Study Reveals Homes Near Cemeteries Sell For More

SEATTLE, Oct. 21, 2013 /PRNewswire/ -- Redfin, the technology-powered real estate brokerage (www.redfin.com), today released a report that revealed homes located near cemeteries take longer to sell, but sell for higher prices than homes in the same city but farther away from cemeteries. The report looked at the price of homes less than 50 feet from a cemetery, and compared those to the price of homes less than 100, 200, 500 and 1,000 yards away. The numbers indicate that on average, homes near cemeteries are slightly smaller, but sell for more per square foot.

"There are pros and cons to living near a cemetery. The pros are that most likely there would be no chance of future development on the site of a cemetery, there is usually well-maintained open space, it's quiet, and many cemeteries are picturesque. The cons would be that cemeteries give some people an uneasy feeling, as it represents mortality, and it might not be an area they want to 'live' next to everyday," said Lynn Ikle, a Redfin real estate agent in Baltimore.

Time on Market: Do Homes Near Cemeteries Take An Eternity to Sell?

The analysis also revealed that homes adjacent to cemeteries take longer to sell on average. Those located less than 50 feet away took 48 days to sell, whereas those located more than 500 yards away took 39 days to sell. Based on the analysis, homes near cemeteries sell for more money, but it may take longer to find the right buyer.

"I have a current listing that backs up to a cemetery, and 10 to 15 people have toured the home. One potential buyer provided feedback that it was a deal breaker, but that is just one of many. In my opinion, cemeteries make very quiet neighbors!" said Blakely Minton, a Redfin real estate agent in Philadelphia.

Spooky Spots: Which Cities Have the Most Homes for Sale Near Cemeteries?

Not all cities are the same when it comes to the number of cemeteries located within city limits, and the number of homes built around them. Redfin evaluated 90 metropolitan areas across the nation to find the top five cities with the most homes for sale near cemeteries. The analysis looked at homes for sale as of October 15 that were located less than 100 yards from a cemetery. Some of the nation's oldest cities topped the list:

1.) Baltimore, MD

Homes for sale near cemeteries: 172
Median list price of those homes: $101,950

"It doesn't surprise me that Baltimore tops the list, because it was founded back in the early 1700s. Our neighborhoods here are very well established, and cemeteries were part of the landscape during their development," said Lynn Ikle, a Redfin real estate agent in Baltimore.

2.) Philadelphia, PA

Homes for sale near cemeteries: 157
Median list price of those homes: $134,900

"Since Philadelphia was one of the first major settlements in the U.S., there are cemeteries scattered throughout the city. I had one friend who moved into a home with a cemetery right behind it. One day she came home with her hands full of groceries and nearly hit the floor with food flying when she heard a gunshot outside. It turns out that the cemetery was for veterans, and it was a military salute. The type and size of cemetery is something to consider when deciding on a home by a cemetery, but in my opinion the reminder of how precious life can be is a positive, not a negative," said Blakely Minton, a Redfin real estate agent in Philadelphia.

3.) Chicago, IL

Homes for sale near cemeteries: 115
Median list price of those homes: $229,900

"With buildable land at a premium, especially in and around the downtown Chicago area, builders have built and will continue to build in close proximity to cemeteries," said John Malandrino, a Redfin real estate agent in Chicago.

4.) Boston, MA

Homes for sale near cemeteries: 50
Median list price of those homes: $711,809

"The main reason Boston has so many cemeteries is because it has so many churches! Nearly all of the older churches in the greater Boston area have large cemeteries attached to them. These churches are frequently located in residential neighborhoods, so people could walk to church events. Churches were not only the center of worship, as they continue to be, but also the center of cultural events and social gatherings. It was only natural for people to want to be buried in their neighborhood next to the church, so homebuyers in the Boston area have made their peace with having a cemetery nearby. In fact, many welcome having the green space!" said Peter Phinney, a Redfin real estate agent in Boston.

5.) Atlanta, GA

Homes for sale near cemeteries: 41
Median list price of those homes: $229,900

"Well known for its sports and entertainment industries, Atlanta also has beautifully historic cemeteries that are tourist attractions. Homes that border the Decatur Cemetery fetch a high price due to schools and a location that is within walking distance to restaurants, shopping and entertainment. In this current market, bidding wars are the norm in this location. Neighborhoods located within a mile of the Oakland Cemetery are pockets of quiet, southern charm in a bustling city. The beauty of these homes is that you can still get a great value in an appreciating market.  Locals and migrants alike are drawn to the hip and historical areas of Grant Park, Old Fourth Ward and Cabbagetown," said Danielle Coats, a Redfin real estate agent in Atlanta.

For the full report, visit the Redfin Blog at http://blog.redfin.com.

About this Report
This study looked at 90 U.S. Census MSAs (Metro and Micro Areas) across the country, including nearly 600 cities and towns with at least 100 homes near a cemetery. We looked at single family homes, condos and townhomes that sold in the MLS from January 2012 through September 2013, as well as current active listings as of October 15, 2013.  A sale price above $1,000 was required and square footage was required on the listing to be included in this study. Cemeteries were supplied by OpenStreetMap.org and included 22,803 cemetery boundaries, of which 5,433 had a home within 1,000 yards in this data set.

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 22 U.S. markets and has closed more than $8 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on our blog (blog.redfin.com), Facebook (facebook.com/redfin), Google+ (plus.google.com/+Redfin), LinkedIn (linkedin.com/company/Redfin), and Twitter (@redfin).

SOURCE Redfin

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