Redfin fan, Sterling Hamilton, co-authored a report for Gardner Johnson and Built Green (an environmentally-friendly, non-profit, residential certification program) about the value of green homes. You can find it here, Built Green Value Analysis. East King County Single-Family Residential & Seattle Multifamily Townhome Markets [pdf].
The two important takeaways are:
- Built Green certified homes have held value better than non-Built Green homes
- In the last three years Built Green certified home sales rose from 9% to 23% of total new construction sales
Their analysis looks at two groups of Built Green homes, Eastside single family homes and Seattle townhomes. Keep in mind their data set is only up until August 2008 and doesn’t include the (turbulent) last six months and they readily admit that more sophisticated statistical analysis is required “to narrow the metrics for the quantitative value of green building.”
Eastside Single Family Home Takeaways
Their major finding for the Eastside is that “East King County Built Green certified homes did not show median price depreciation through August of 2008 whereas uncertified homes showed an overall decline of 2%.”
Seattle Townhome Takeaways
For Seattle townhomes they found:
- Built Green certified townhomes have increased in sales price while non-Built Green townhomes have seen their sales prices decline.
- In 2008 Built Green certified townhomes appreciated 8% where uncertified townhomes lost 4% in average sales prices.
- Built Green certified townhomes in Seattle saw a 4% (2007) and 16% (2008) premium over uncertified townhomes.
Unfortunately we don’t yet have a way to search for green homes on Redfin but the conclusions of this study are something to keep in mind if a green home is important to you.
To see a partial list of green projects in the area check out Built Green’s list of case studies. The building I live in, Trace Lofts, is on the list with 2-star certification. However, Urban Canyon is a townhome development on Capitol Hill that still has one unit left that has caught my eye. It’s a 5-star project.