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The impact of city parks on property values is well-documented and generally positive. You will often see sellers use their proximity to a park as a selling point in their property description. City parks are an asset for the whole city:
Proximity to Green Spaces
Homes located near parks and green spaces often see an increase in property values due to the enhanced aesthetic appeal and access to recreational areas.
Studies suggest that properties within 500 meters of a well-maintained park can see an increase in value ranging from 5% to 20%.
Improved Quality of Life
Parks contribute to a higher quality of life by offering spaces for exercise, relaxation, and social activities, making nearby homes more attractive to potential buyers.
The presence of parks often fosters a sense of community, which can be a significant selling point for families and individuals seeking a strong neighborhood connection.
Environmental Benefits
Parks contribute to lower levels of air and noise pollution, which can make nearby areas more desirable and lead to higher property values. They help manage stormwater and reduce the urban heat island effect, making nearby homes more comfortable and appealing, especially in areas prone to extreme weather.
Good For The Local Economy
Parks can attract visitors and tourists, boosting local businesses and services, which in turn increases the demand for nearby properties. In some cases, parks are part of urban renewal projects, leading to the revitalization of entire neighborhoods and a corresponding rise in property values.
Social and Health Benefits
Proximity to parks encourages outdoor activities like walking, jogging, and sports, which can improve the health of residents. This perceived health benefit can be a strong incentive for homebuyers. Well-maintained parks and active community spaces can lead to a reduction in crime rates in the surrounding area, making the neighborhood more desirable and boosting property values.
Aesthetic and Cultural Value
Properties with views of parks or green spaces often command higher prices due to the visual appeal. Parks that host community events, art installations, or historical landmarks can add cultural value to the area, further increasing property desirability.
Long-term Investment
Homes near parks tend to retain or even increase in value over time, providing a stable and often appreciating asset for homeowners. Properties near parks often show greater resilience during economic downturns, maintaining value better than those in less desirable locations.
Future Development Potential
Areas near parks are often prime locations for future development projects, which can further increase property values due to the anticipated improvements in infrastructure and services.
Overall, the presence of city parks generally enhances the attractiveness and value of surrounding properties and their neigbborhoods. Small and large parks are a key consideration in urban planning and real estate investment. We are fortunate that as our city grows, the Springfield Park’s District has done excellent job maintaining and building new parks.
There are 34 parks listed on the Springfield Park District’s website.
Visit the website at:
https://springfieldparks.org
Carpenter Park – #1 Carpenter Park Trail
Centennial Park – 5751 Bunker Hill Road
Comer Cox Park – 301 Martin Luther King Dr
Dreamland Park – 2300 Taylor Avenue
Duncan Park – 500 N. MacArthur
Eisenhower Park – 2351 East Cornell
Enos Park – 1000 North 7th
Fairview Park – 1901 North 19th Street
Gehrmann Park – 1000 N 2nd Street
Gietl Park – 1900 Stanhope Road
Gurgens Park – Bissell Drive
Hobbs Park – 2851 Fox Bridge Road
Iles Park – 2000 S 6th Street
Indian Hills Park – 2536 Miami Trail #2500
Jaycee Park – 2400 E Monroe
Jefferson Park – 300 North Oxford
Kennedy Park – 401 Walnut Valley Drive
Kiwanis Park – 3050 Stanton Drive
Lake Victoria Park – 3055 Normandy Road
Lanphier Park – 1415 North Grand Avenue East
Lawless Park – 1500 N 11th Street
Lincoln Park – 1601 North 5th Street
Lindbergh Park – 2419 Lindbergh Boulevard
Patrick J. Cadigan Park – 2300 Colony Park
Paul A. Barker Park – 2008 Barnard Drive
Riverside Park – 4700 Peoria Road
Rotary Park – 4501 West Iles Avenue
Schlitt Park – 100 Avon Drive
Southwind Park – 4965 S 2nd Street
Stuart Park – 1800 Winch Lane
Timberbrooke Park – 2003 West Washington Street
Vredenburgh Park – 100 Crusaders Road
Washington Park – 1501 South Grand West
Westchester Park – Westchester Blvd and Danbury Drive
