Property Values
“Home buyers expect our schools to be outstanding. Last year, one couple signed a contract and then visited Lakeview. They could not believe the overcrowding! They backed out of the contract the same day. Our property values will go down if buyers think the school system is declining. As a Denville resident for 32 years and a realtor for 19 years, I’m concerned.”
K. Lind
Denville, NJ
Over the past five years, the average sales price of a residential property purchased in Denville has increased 40 percent from $342,906 to $482,609. It’s clear that our homes represent major assets, regardless of our age or family situation.
Extensive research shows that school quality has a direct impact on property values – perhaps even more so in a softening real estate market. We have included some quotes from economists below. More importantly, we know that schools definitely matter to home buyers who are considering Denville.
"School quality has a direct and positive influence on residential property values. Homes in higher-performing districts sell for higher prices than homes in lower performing districts."
Jonathan D. Weiss
Adjunct Professor of Law
George Washington University
“Public school quality is one of the most important determinants of house price. The following measures of school quality are most consistently positively related to house prices: proficiency tests, expenditures per pupil and the student-to-teacher ratio."
David M. Brasington
Department of Economics
Louisiana State University