ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How will the new high school affect home values?

Updated on December 5, 2015

Introduction

Scheduled to open in the fall of 2016 Prince William County’s 12th high school will be state of the art with a full aquatics facility and performing arts center.

In December 2013 the Prince William County School Board approved the $97.9 million construction project for the new high school near the intersection of Va. 234 and Hoadly Road. The approved 2016-2017 High School Boundaries (attached) will be implemented in the following manner:

  • There will be no 12th grade at the 12th High School, during its first year of operation.
  • Students in grade 12 will remain at their current (2015-16) high school for the 2016-17 school year.
  • Rising 9th- and 10th-grade students in the affected areas will attend the newly assigned school in 2016-17.
  • Rising 11th grade students may choose to attend their current school or the 12th HS.

With construction underway and on schedule to open this fall, how does this affect home values?

Better Schools = Higher Home Values

According to Virginia Department of Education this is one of the most expensive public high schools ever built in the state, and one of the few with an indoor aquatics facility. The school includes an $8.4 million, two-pool indoor aquatics facility. Additionally the school will have amenities for the relocation for the fine and performing arts specialty program from Woodbridge Senior High School.

In 2013 The National Association of Realtors surveyed home buyers and found 22% of them listed a home’s proximity to the school as part of their buying decision and 29% of buyers listed schools quality as a deciding factor in their decision.

A recent analysis conducted by Duke University’s Department of Urban Economics found “the quality of a school has a positive impact on the prices of houses located within that school zone”.

Good schools are not just for buyers starting a family or who already have children. Ken Corsini, author of the article “Do Schools Really Affect Property Values?” demonstrated that buying a home in a good school district just makes good business sense. Good Schools can help insulate a home from market fluctuations and therefore makes a property a more sound investment.

How much more?

In surveys conducted by Realtor.com the affect schools have on home buying decisions is dramatic, almost 60% of buyers say they would pay over budget to be in a good school. 1 out of 5 surveyed said they would pay up to 20% more for a home with access to good schools.

RealtorMag reported that in a study of MLS databases from May 1 – July 31, 2013 that on average people are paying $50 more per square foot for homes near top-notch schools. The analysis found that even within the same neighborhoods, home buyers are willing to pay substantially more for homes that fall in a top school district than for homes served by average-ranked schools. For a 3,500 square foot house, that equates to $175,000 more in home value.

Final Thoughts

Is the new high school going to be nice? Absolutely! Is it going to explode the market with multiple offers being written in the driveways of homes? Unlikely, home values are not just about the schools. But there is no denying that the quality of nearby schools has a positive impact on the value of a home. I am anticipating values in some neighborhoods going up 7-10% from previous years.

If you are selling a home; get a good realtor who understands how to price your home based on the evolving market. Watch the market carefully, pay attention to list price, days on market, sold prices, and price per square foot.

If you are a buyer, don’t wait. Get a good realtor and start looking now. Once prices start to rise they won’t stop. Come in strong and fast with a solid offer.

Special Note

Prince William County is planning to open another new high school near Gainesville by 2020.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)