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Housing‐Market Segmentation and Demand for Housing Attributes: Some Empirical Findings

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  • Vladimir Bajic

Abstract

In this paper, we have empirically estimated demand equations for housing attributes, using a two‐step approach in conformity with the procedure proposed by Sherwin Rosen. The identification problem inherent in Rosen's procedure has been avoided by estimating separate equations for distinct market segments in the first step. The estimates of the demand functions obtained in the second step are consistent with theoretical expectations.

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  • Vladimir Bajic, 1985. "Housing‐Market Segmentation and Demand for Housing Attributes: Some Empirical Findings," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 58-75, March.
    • Handle: RePEc:bla:reesec:v:13:y:1985:i:1:p:58-75
    DOI: 10.1111/1540-6229.00341
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    References listed on IDEAS

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    1. Mahlon R. Straszheim, 1975. "An Econometric Analysis of the Urban Housing Market," NBER Books, National Bureau of Economic Research, Inc, number stra75-1.
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    1. Lin, Boqiang & Du, Zhili, 2017. "Can urban rail transit curb automobile energy consumption?," Energy Policy, Elsevier, vol. 105(C), pages 120-127.
    2. Bourassa, Steven C. & Hoesli, Martin & Peng, Vincent S., 2003. "Do housing submarkets really matter?," Journal of Housing Economics, Elsevier, vol. 12(1), pages 12-28, March.
    3. Charles-Olivier Amédée-Manesme & Michel Baroni & Fabrice Barthélémy & Francois des Rosiers, 2017. "Market heterogeneity and the determinants of Paris apartment prices: A quantile regression approach," Urban Studies, Urban Studies Journal Limited, vol. 54(14), pages 3260-3280, November.
    4. Michael L. Walden, 1990. "Magnet Schools and the Differential Impact of School Quality on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 221-230.
    5. Craig A Watkins, 2001. "The Definition and Identification of Housing Submarkets," Environment and Planning A, , vol. 33(12), pages 2235-2253, December.
    6. Elif Alkay, 2008. "Housing Submarkets in Istanbul," International Real Estate Review, Global Social Science Institute, vol. 11(1), pages 113-127.
    7. Dragana Djurdjevic & Christine Eugster & Ronny Haase, 2008. "Estimation of Hedonic Models Using a Multilevel Approach: An Application for the Swiss Rental Market," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 144(IV), pages 679-701, December.
    8. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.
    9. Chengri Ding & Robert Simons & Esmail Baku, 2000. "The Effect of Residential Investment on Nearby Property Values: Evidence from Cleveland, Ohio," Journal of Real Estate Research, American Real Estate Society, vol. 19(1), pages 23-48.
    10. Justin Benefield & William Hardin, 2015. "Does Time-on-Market Measurement Matter?," The Journal of Real Estate Finance and Economics, Springer, vol. 50(1), pages 52-73, January.
    11. Gadziński, Jędrzej & Radzimski, Adam, 2016. "The first rapid tram line in Poland: How has it affected travel behaviours, housing choices and satisfaction, and apartment prices?," Journal of Transport Geography, Elsevier, vol. 54(C), pages 451-463.
    12. Justin Benefield & Christopher Cain & Ken Johnson, 2011. "On the Relationship Between Property Price, Time-on-Market, and Photo Depictions in a Multiple Listing Service," The Journal of Real Estate Finance and Economics, Springer, vol. 43(3), pages 401-422, October.
    13. Bill Randolph & Andrew Tice, 2013. "Who Lives in Higher Density Housing? A Study of Spatially Discontinuous Housing Sub-markets in Sydney and Melbourne," Urban Studies, Urban Studies Journal Limited, vol. 50(13), pages 2661-2681, October.
    14. Zhang, Nan & Mendelsohn, Robert & Shaw, Daigee, 2023. "How to Identify and Estimate the Demand for Job Safety?," MPRA Paper 118594, University Library of Munich, Germany.
    15. Levi, Maurice D. & Venezia, Itzhak & Zhang, Yimin, 1996. "The velocity puzzle revisited: The effects of the housing and stock markets," Journal of Economics and Business, Elsevier, vol. 48(1), pages 23-32, February.
    16. Neil Dunse & Chris Leishman & Craig Watkins, 2002. "Testing for the Existence of Office Sub-markets: A Comparison of Evidence from Two Cities," Urban Studies, Urban Studies Journal Limited, vol. 39(3), pages 483-506, March.
    17. Shiha, Amr N. & Chavas, Jean-Paul, 1992. "Capital Market Segmentation and US Farm Real Estate Pricing: A Study of the Effects of Barriers to Nonfarm Equity Capital in Agriculture," Staff Papers 200559, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    18. Daniel Baldwin Hess & Tangerine Maria Almeida, 2007. "Impact of Proximity to Light Rail Rapid Transit on Station-area Property Values in Buffalo, New York," Urban Studies, Urban Studies Journal Limited, vol. 44(5-6), pages 1041-1068, May.

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