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Realtor.com Finds Homes Near Concert Venues Sell for a Premium

If you thought that late-night noise, traffic and fans surrounding outdoor concert venues was a turn off to homebuyers, you might have thought wrong.

Turns out homeowners not only want to be near restaurants and shopping, but they also are attracted by homes within walking distance of outdoor music venues. In fact, a new analysis by Realtor.com has identified 20 such spots where homes within walking distance actually see at least a 9 percent premium in price compared with the surrounding area.

Realtor.com’s chief economic, Jonathan Smoke, compared realtor.com’s residential sales and deed database with outdoor venue information provided by the independent ticket marketer Vivid Seats. His team examined home prices within a mile of 68 outdoor concert venues, comparing them with home prices in the surrounding ZIP code.

Topping the list at No. 1 is Capital City Amphitheater in Tallahassee, Fla., where the median-priced homes within walking distance are 78 percent more expensive (at $177,500) than the surrounding ZIP code. At No. 2 was OKC Amphitheatre in Oklahoma City, where homes with a mile of the venue were 68 percent more expensive (at $49,500) than the surrounding ZIP code. And, good news for Angelenos: Homes within a mile of the historic Greek Theatre, the third-place venue, were worth 63 percent more than their neighbors farther from the venue, with a median price of $2.1 million. “Live events like concerts add so much to a community,” said Vivid Seats spokesperson Julia Litz. “The added foot traffic aids local business, while the culture and vibrancy of the event add excitement. Plus, for residents of the neighborhood there’s the added benefit of simply walking to and from the venue.”

Here, the areas where walkability to a music venue means higher home prices:

Ranking Venue Home Prices Within 1 Mile of Venue Home Prices in ZIP Code Venue vs. ZIP Code
1 Capital City Amphitheater (Tallahassee, Fla.) $177,500 $100,000 78%
2 OKC Zoo Amphitheatre (Oklahoma City) $49,500 $29,500 68%
3 Greek Theatre – Los Angeles (Los Angeles) $2,100,000 $1,285,000 63%
4 Investor Amphitheatre (Gainesville, Ga.) $199,450 $125,000 60%
5 Cincinnati Playhouse In The Park (Cincinnati, Ohio) $319,750 $219,750 46%
6 Oregon Zoo Amphitheatre (Portland, Ore.) $700,000 $494,950 41%
7 The Levitt Shell (Memphis, Tenn.) $210,000 $150,500 40%
8 Surly Brewing Festival Field (Minneapolis) $316,500 $232,250 36%
9 Weesner Family Amphitheater at the Minnesota Zoo (Apple Valley, Minn.) $249,900 $193,500 29%
10 Ravinia (Highland Park, Ill.) $605,000 $487,500 24%
11 Tallahassee Pavilion (Tallahassee, Fla.) $120,000 $100,000 20%
12 Sawyer Point Park (Cincinnati) $260,500 $219,750 19%
13 Madera Fairgrounds (Madera, Calif.) $237,000 $205,000 16%
14 Red Hat Amphitheater (Raleigh, N.C.) $300,500 $260,000 16%
15 Clarke County Fairgrounds (Berryville, Va.) $315,000 $273,950 15%
16 Wolf Trap Farm (Vienna, Va.) $882,500 $780,000 13%
17 Ascend Amphitheater (Nashville) $307,000 $275,000 12%
18 Ravina on the Lakes (Peoria, Ill.) $177,000 $160,950 10%
19 Concord Pavilion (Concord, Calif.) $575,000 $525,000 10%
20 Bayfront Park (Miami, Fla.) $392,500 $358,500 9%