SANTA CLARA, Calif.,
April 22, 2019 /PRNewswire/ -- A new
analysis by realtor.com®, the Home of Home Search℠,
released today found that home prices in
the nation's top 20 neighborhoods that are most
accommodating to electric vehicles are listed 1.5 times higher than
their surrounding metro area on average, and 2.6 times higher than
the rest of the country. Nine of the top 20 ZIP codes are in
California.
In honor of Earth Day, realtor.comⓇ used data
from OpenChargeMap to track 19,743 charging stations mapped
across 6,980 ZIP codes, and then analyzed the housing markets of
the top 20 areas with the most electric vehicle charging
stations.
According to the analysis, the combined median listing price for
the top 20 ZIP codes is $782,000, 1.5
times higher than their surrounding metro area on average, and 2.6
times higher than the rest of the country. Half of homes in these
ZIP codes sell in 75 days, 15 days slower than their surrounding
metro area on average, and 10 days slower than the rest of the
country, consistent with sales trends in pricer areas.
"Our data shows there's definitely a link between the prevalence
of electric vehicle charging stations and higher home prices," says
Danielle Hale, chief economist,
realtor.com®. "But there's a difference between
correlation and causation. The trend we're seeing in the data is
most likely a result of the fact that wealthier homeowners are more
likely to purchase expensive electric vehicles. But regardless of
the cause, if you're shopping for a home in a ZIP with an abundance
of electric vehicle charging stations, you'll likely pay a
premium."
The top 20 markets represented in the data all fall within nine
states, with a large majority of the ZIP codes in California. ZIP code 92618 in Irvine, Calif. has the most charging stations,
while the top 20 ZIP codes have an average of 30.1 charging
stations each.
It stands to reason that California leads the nation in charging
stations, given electric car sales make up 10 percent of all
new cars sold in the state1, outpacing all other states
in the nation2 . Beyond Tesla's manufacturing presence
in California, there are several
contributing factors that have led to increased awareness of EVs in
the state, including the state's Zero-Emission Vehicle Program,
California's EV rebate, coastal
political leanings (ie pro-cleantech, pro-innovation), higher than
average wages. Research has shown a connection between the fact
that California highways allow EVs
to drive in HOV lanes and EV adoption, but this benefit to EV
owners is not exclusive to California.
Outside of California, the most
EV-friendly housing markets can be found in Florida, Georgia, Hawaii, Nevada, New
York, Ohio, South Carolina, and Texas. Although significantly more affordable
than the majority of the EV-accommodating ZIPS, the analysis found
that homes in close proximity to EV charging stations still sell at
a premium, with non-California ZIPS seeing median listing prices
that are still 1.5 times higher than their surrounding metro
median, and 2.0 times higher than the U.S. median listing price, on
average.
Top 20 ZIP Codes
For Electric
Vehicles
|
Rank based on
Number of EV Charging Stations Per ZIP Code
|
|
ZIP
Name
|
ZIP
Code
|
Number of
Charging
Stations
|
Median Listing
Price
|
Median Listing
Price Vs
Overall Metro
Area
|
Median Listing
Price Vs U.S.
|
Irvine,
Calif.
|
92618
|
77
|
$949,000
|
1.3x
|
3.2x
|
Paso Robles,
Calif.
|
93446
|
46
|
$567,000
|
0.8x
|
1.9x
|
Orlando,
Fla.
|
32819
|
46
|
$405,000
|
1.3x
|
1.4x
|
San Diego,
Calif
|
92101
|
38
|
$625,000
|
0.9x
|
2.1x
|
Saint Helena,
Calif.
|
94574
|
35
|
$1,995,000
|
2.4x
|
6.7x
|
Honolulu,
Hawaii
|
96815
|
32
|
$530,000
|
0.8x
|
1.8x
|
Palm Springs,
Calif
|
92262
|
29
|
$522,000
|
1.3x
|
1.7x
|
Austin,
Texas
|
78758
|
27
|
$332,000
|
0.9x
|
1.1x
|
Santa Clara,
Calif.
|
95054
|
26
|
$1,162,000
|
1.1x
|
3.9x
|
Healdsburg,
Calif
|
95448
|
25
|
$1,100,000
|
1.6x
|
3.7x
|
Kihei,
Hawaii
|
96753
|
25
|
$1,292,000
|
1.4x
|
4.3x
|
Menlo Park,
Calif.
|
94025
|
24
|
$2,398,000
|
2.6x
|
8.0x
|
Saint Petersburg,
Fla.
|
33701
|
23
|
$580,000
|
2.2x
|
1.9x
|
Atlanta,
Ga.
|
30339
|
22
|
$448,000
|
1.4x
|
1.5x
|
Saratoga Springs,
N.Y.
|
12866
|
22
|
$578,000
|
1.9x
|
1.9x
|
Davis,
Calif.
|
95616
|
21
|
$709,000
|
1.5x
|
2.4x
|
New York,
N.Y.
|
10019
|
21
|
$1,565,000
|
2.9x
|
5.2x
|
Las Vegas,
Nev.
|
89109
|
21
|
$388,000
|
1.2x
|
1.3x
|
Columbus,
Ohio
|
43215
|
21
|
$400,000
|
1.6x
|
1.3x
|
Columbia,
S.C.
|
29201
|
21
|
$200,000
|
0.9x
|
0.7x
|
Methodology:
Zip codes were ranked by number of EV
charging stations located within the zip code. Housing trends such
as median listing price come from the realtor.com®
residential listings database for listings actively for sale during
March 2019. Each zip code reported
here represents the top ranked zip code in its respective
metropolitan area. Reported averages for the top 20 were weighted
by each market's number of active listings during March 2019. EV charging station data from
OpenChargeMap was accessed on April 1,
2019 which at the time contained records for
nearly 20,000 (19,743) charging stations mapped across
the United States in 6,980 ZIP
codes.
Footnotes:
1Quartz: In California, electric vehicles now make up 10
percent of all new cars sold
(https://qz.com/1465465/in-california-electric-vehicles-now-make-up-10-of-all-new-cars-sold/)
2California EV sales broke YOY increases every month in 2018
and continue the upward trend in 2019 with continued year-over-year
increases each month, and a 13 percent increase over Q1 2018.
(http://www.veloz.org/sales-dashboard/)
About realtor.com®
Realtor.com®, The Home of Home Search℠, offers an
extensive inventory of for-sale and rental listings, and access to
information, tools and professional expertise that help people move
confidently through every step of their home journey. It pioneered
the world of digital real estate 20 years ago, and today is the
trusted resource for home buyers, sellers and dreamers by making
all things home simple, efficient and enjoyable.
Realtor.com® is operated by News Corp [NASDAQ: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual
license from the National Association of REALTORS®. For more
information, visit realtor.com®.
Media Contact
Lexie Puckett
Holbert
lexie.puckettholbert@move.com
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SOURCE realtor.com