As Sherborn, Holliston, Hopkinton MA and other Metrowest communities anticipate the opening of the Upper Charles Trail, I thought I’d explore the impact on passive recreation such as rail trails on property values.
Proposed rail trail
The Upper Charles Trail is a planned 20-mile loop trail connecting the towns of Sherborn, Holliston, Hopkinton, Milford, and Ashland. This primarily off-road path will be the ideal place for non-motorized uses such as biking, walking, cross-country skiing, and roller skating.
Impact on Boston real estate values
Homes in close proximity to the new Upper Charles Rail trail are highly likely to experience a boost in property values. According to the Los Angeles County Metropolitan Transportation Authority, “homes sales were examined in the seven Massachusetts towns through which the Minuteman Bikeway and Nashua River Rail Trail run. Statistics on list and selling prices and on days on the market were analyzed. The analysis shows that homes near these rail trails sold at 99.3 of the list price as compared to 98.1 of the list price for other homes sold in these towns. The most significant feature of home sales near rail trails is that these homes sold in an average of 29.3 days as compared to 50.4 days for other homes.”
The University of Cincinatti’s recent study of the impact of scenic trails on single family home values found similar results. “Being closer to the Little Miami Scenic Trail adds value to the single family residential properties.”
Would access to trails make a home more appealing to you?
[photo courtesy of Tonamel]