– Price Analysis
A cursory price analysis suggests that proximity to the metro has no bearing on sales price in the secondary market. Buildings close to metro stations across a sample of different communities consistently show a lack of any significant price premiums. In fact, in some cases, prices in such buildings have even trended lower than community averages.
– Sales Volume Analysis
On the other hand, a comparison of sales velocities between apartments closer to the metro and apartments further from the metro reveals contradictory patterns. Across the board, buildings closer to metro stations tend to have lower annual sales volumes than their counterparts further away, suggesting that the owners of such apartments have a lower willingness to sell due to some non-material premium associated with owning an apartment near the metro.
– Rent Price Comparison
The gap in prices that one might expect to show up in sales prices does in fact appear in rent prices. Apartments nearer to the metro appear to consistently command higher rents, both in communities where the metro station is a
relatively newer amenity and communities where the metro station has been present for a significant period of time.