Good News, Lafayette: Housing in Good School Districts Nearly 50 Percent More Expensive (Study)

LAMORINDA, CA — Good news for homeowners in good school districts, but not so good news for people wanting to move there. A study released this week by Realtor.com shows that on average, homes in good districts are nearly 50 percent more expensive.

Lafeyette blows that out of the water — homes in the Lafayette Elementary School District are an astounding three times more expensive than the average in Contra Costa County. Home prices in the district average $1.6 million while the county average is just $540,000.

The study looked at homes in school districts rated nine or 10 on a 10-point scale at GreatSchools.org compared to homes in districts rated six or less. The analysis shows homes within the boundaries of the higher rated public school districts are, on average, 49 percent more expensive — at $400,000 — than the national median of $269,000.

"It's common knowledge that buyers are often willing to pay a premium for a home in a strong school district," Realtor.com research manager Javier Vivas said. "Our analysis quantifies just how good it is to be a seller in these areas."

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Homes in good school districts don't just cost more, on average, they also sell faster too, according to the study. Houses located in these areas sell eight days faster than homes in below average school districts, four days faster — at 58 days — than the national average.

Story by Alex Nguyen and Bea Karnes, Patch; Photo via Shutterstock