The Contribution of Landscaping to the Price of Single Family Houses: A Study of Home Sales in Greenville, South Carolina

Abstract

The market for housing is often analyzed from the hedonic perspective where the characteristics of the house and its location together influence its market price. In this study, the contribution of the quality of landscaping to the house price is estimated. Using data from a sample of 288 recent home sales in Greenville, South Carolina, a linear in the logs regression of house price on house characteristics, location and landscape quality was estimated. A house that obtained an excellent landscaping rating from a local landscaping professional could expect a sales price of about 4 to 5 percentage points higher (depending on the size of the lot) than equivalent houses with good landscaping. Homes with landscaping appeal far below (fair or poor) neighboring homes with excellent landscapes can expect a sales price 8–10% below equivalent homes with good landscaping appeal.