Friday, January 15, 2010

Study: Street trees and tree canopy increase home prices; Portland, OR

Study: Street trees increase home prices in Portland Oregon Environmental News - –
A Portland researcher has verified what many people already assumed to be true: trees add value to a home.

A new study says such trees increase home prices in Portland. In a paper published in Landscape and Urban Planning, Geoffrey Donovan of the U.S. Forest Service's Pacific Northwest Research Station found that, on average, street trees add $8,870 to a home's sales price and reduce its time on the market by 1.7 days.

Donovan and his co-author, David Butry of the National Institute of Standards and Technology in Maryland, reviewed data meticulously collected from 2,608 homes for sale in east Portland in the summer of 2007.

What they found was that if a house had street trees and tree canopy close by, that increased the sales price of a house and it sold faster.

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