Residential Property Valuations near Transit Stations with Transit-Oriented Development

Access to train stations is highly valued and this is reflected in the premium price of residential property near train stations. Transit-oriented development (TOD) and the amenities provided by mixed use development may also provide value to consumers. The analysis presented here evaluates the average property valuations surrounding eight transit stations with TOD using residential property valuation data provided by Zillow™, an on-line real estate listing firm. An hedonic regression analysis evaluates the association between average block level residential property valuations and the distance to the station with TOD and other stations with direct access to New York City. Results suggest that while the mixed use development typically found with TOD is likely valued, proximity to stations with direct access to New York City leads to higher relative property valuations.