Accessibility and housing price resilience: Evidence from limited-access roadways in Florida
S Concas - Transportation research record, 2013 - journals.sagepub.com
Transportation research record, 2013•journals.sagepub.com
This paper investigates the hypothesis that houses located in proximity to limited-access
roadways exhibit a resilience to price decline during and after exogenous market downturns.
A quasi-experimental design was used to look for empirical evidence of price differentials
before, during, and after construction and operation of network improvements. A spatial
autoregressive difference-in-differences estimator with spatial disturbances was used to find
evidence of price resilience in the aftermath of the real estate bubble affecting the local and …
roadways exhibit a resilience to price decline during and after exogenous market downturns.
A quasi-experimental design was used to look for empirical evidence of price differentials
before, during, and after construction and operation of network improvements. A spatial
autoregressive difference-in-differences estimator with spatial disturbances was used to find
evidence of price resilience in the aftermath of the real estate bubble affecting the local and …
This paper investigates the hypothesis that houses located in proximity to limited-access roadways exhibit a resilience to price decline during and after exogenous market downturns. A quasi-experimental design was used to look for empirical evidence of price differentials before, during, and after construction and operation of network improvements. A spatial autoregressive difference-in-differences estimator with spatial disturbances was used to find evidence of price resilience in the aftermath of the real estate bubble affecting the local and state economy. Single-family homes exhibited a price premium ranging from 4.6% to 5.2% over their controls. These premium differentials were realized 4 to 5 years after the opening of the facilities and after the U.S. real estate market downturn. This paper contributes to the empirical literature by providing a quasi-experimental approach to the selection of comparable parcels for spatial hedonic regression.