Redfin Determines the Value of a Garage Across Major U.S. Metros

Nationwide, homes with garages sell for $23,211, or 12%, more than homes without

A garage is worth most in Chicago, adding nearly $47,000 to a typical home's value

SEATTLE, June 7, 2019 /PRNewswire/ -- (NASDAQ: RDFN) — Chicago homes with garages sell for an estimated 38% more than comparable homes without them, according to a new analysis from Redfin (www.redfin.com), a technology-powered real estate brokerage. This equates to an additional $46,745 on the sale price of a typical Chicago home, the biggest home price premium of any metro area in the U.S. that meets the criteria for the analysis. Nationwide, homes with garages sell for $23,211 more than homes without garages, which equates to a 12 percent premium.

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The five metros where garages are worth the most—Chicago, St. Louis, Columbus, Oklahoma City and Cleveland—are all located in the Midwest, where winters tend to be cold and snowy. Garages aren't as valuable in places with warmer year-round climates like Honolulu, Los Angeles and Austin.

"In the winter, finding a place to park is even more difficult because more people drive to work when it's cold outside," said Lamar Austin, a Redfin agent in Chicago. "And when you finally do find a parking spot at the end of the day, you usually have to shovel the snow before you can park there. If you have a garage, you may have to shovel snow from the driveway, but at least your car won't get buried overnight."

Table: Home Price Premiums Associated with Having a Garage

Metro area	Average garage premium (%)	Average garage premium ($)	Share of homes sold in 2018 that have a garage
National	12%	$23,211	85.2%
Chicago, IL	38%	$46,745	94.1%
St. Louis, MO	35.1%	$34,352	70.5%
Columbus, OH	24.2%	$24,154	87.1%
Oklahoma City, OK	22.4%	$19,040	93.6%
Cleveland, OH	21.6%	$21,285	92.8%
Memphis, TN	20.9%	$20,686	71.3%
Akron, OH	19.8%	$13,423	87.1%
Albany, NY	19.5%	$30,808	81.3%
Fort Worth, TX	19.4%	$27,522	91.9%
Dallas, TX	17.4%	$28,715	92.8%
West Palm Beach, FL	17.3%	$40,636	85.5%
Lakeland, FL	16.9%	$21,918	87.2%
Tampa, FL	15.5%	$26,886	91.1%
Fort Lauderdale, FL	14.6%	$37,543	86.2%
Orlando, FL	14.5%	$25,918	92.7%
Louisville, KY	13.4%	$17,917	74.2%
Charlotte, NC	13.0%	$20,971	72.4%
Montgomery County, PA	12.9%	$31,232	78.2%
Tucson, AZ	12.6%	$21,091	73.6%
Tulsa, OK	12.2%	$9,050	93.3%
Wilmington, DE	11.8%	$20,706	72.2%
Birmingham, AL	11.8%	$13,145	70.1%
Fresno, CA	11.8%	$20,011	93.4%
Little Rock, AR	11.5%	$13,297	76.2%
Hampton Roads, VA	11.0%	$19,246	91.1%
Las Vegas, NV	10.8%	$20,457	97.4%
Phoenix, AZ	10.7%	$21,487	89.1%
Denver, CO	10.6%	$35,411	91.6%
Cincinnati, OH	10.5%	$12,117	89.0%
Baltimore, MD	10.4%	$27,065	70.3%
Providence, RI	10.3%	$24,487	63.1%
North Port, FL	10.0%	$18,958	91.8%
New York, NY	9.6%	$41,372	86.1%
Camden, NJ	9.3%	$13,779	69.8%
Sacramento, CA	8.7%	$26,528	93.4%
Atlanta, GA	8.5%	$15,372	87.5%
Boston, MA	8.5%	$33,567	62.4%
Washington, DC	8.5%	$32,138	76.9%
Tacoma, WA	8.4%	$22,589	87.5%
Houston, TX	8.3%	$13,696	98.2%
Nashville, TN	8.2%	$16,810	86.6%
Worcester, MA	7.3%	$16,723	69.7%
Miami, FL	7.3%	$21,795	82.0%
Oakland, CA	7.0%	$46,336	92.0%
Long Island, NY	7.0%	$26,154	82.9%
Ogden, UT	7.0%	$14,173	82.3%
Salt Lake City, UT	7.0%	$17,794	85.1%
Portland, OR	6.6%	$23,274	90.9%
Riverside, CA	6.5%	$17,479	97.5%
Seattle, WA	6.1%	$31,796	85.1%
Philadelphia, PA	6.0%	$13,124	63.1%
Richmond, VA	5.8%	$11,282	45.5%
San Diego, CA	5.4%	$29,263	92.7%
Honolulu, HI	4.1%	$32,250	50.6%
Los Angeles, CA	3.5%	$25,978	95.7%
Austin, TX	3.2%	$9,522	49.6%
Raleigh, NC	2%	$3,961	80.7%

In Austin, a sprawling metro area where snow is very rare, garages are associated with a much lower premium. Garages are also much more common in Chicago than Austin: nearly 95 percent of homes in the Chicago metro have garages, while less than half of them in the Austin metro do.

"A lot of builders in the inner core of Austin skip garages in favor of adding more livable square space to the house," said local Redfin agent Andrew Vallejo. "Homebuyers don't necessarily expect to get a garage if they're buying a home inside the city, though many people do value them, particularly in the suburbs where a two-car garage is the norm."

Redfin compared the sale prices of single-family homes that sold in 2018 with a garage to comparable homes without a garage. The results are reported by metro area in terms of the sale price premium, as a percentage and in dollars, attributed to the presence of a garage. The ranking is limited to metro areas with at least 1,500 homes that met the criteria for this analysis, with at least 500 homes with a garage and 500 homes without.

To read the report, including a full methodology, please visit: https://www.redfin.com/blog/does-a-garage-add-value-to-a-home.

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.

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