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Spatial and Temporal Variation in the Housing Market Values of Lot Size and Open Space

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  • Seong-Hoon Cho
  • Christopher D. Clark
  • William M. Park
  • Seung Gyu Kim

Abstract

This research analyzes spatial and temporal variation in the effects of lot size and proximity to open space on residential home values in a single Tennessee county. The findings show that the value of proximity to greenways, parks, and water bodies increased over time, while the value of lot size and proximity to golf courses fell. Proximity to open space is found to be a substitute for lot size, although the degree of substitutability has weakened over time. Geographic variation in the marginal effects of lot size and proximity to open space is analyzed using locally weighted regression analysis.

Suggested Citation

  • Seong-Hoon Cho & Christopher D. Clark & William M. Park & Seung Gyu Kim, 2009. "Spatial and Temporal Variation in the Housing Market Values of Lot Size and Open Space," Land Economics, University of Wisconsin Press, vol. 85(1), pages 51-73.
    • Handle: RePEc:uwp:landec:v:85:y:2009:i:1:p:51-73
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    More about this item

    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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