Market Anticipation To Rail Investments? An Analysis Of The Proposed West Raleigh Station

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Last Modified
  • February 28, 2019
Creator
  • Steffen, Bryan
    • Affiliation: College of Arts and Sciences, Department of City and Regional Planning
Abstract
  • Proximity to transit stations can positively influence property values if it improves accessibility of commuters to business districts and other desirable locations, but it can also de-value properties due to negative externalities associated with living next to railroad tracks. This paper examines the impact of the proposed Regional Rail Transit System on real estate in the Triangle region of North Carolina. First, the paper reviews similar studies of real estate speculation surrounding transit systems and discusses the varying results. Due to uncertainties surrounding this proposed system, the study performs an analysis of the volume of market transactions rather than changes in property values. Results came from an evaluation of the number of property transactions in a three-quarter mile radius around the proposed West Raleigh Station and an equally sized comparison area over the course of planning the transit system. Data showed a significant increase in the number of property transactions surrounding the station site over the comparison area after the announcement of the station. Furthermore, property transactions within the quarter-mile radius around the station site saw the largest increase after the station announcement. These results suggest that speculation on properties near transit stations may have taken place after the Regional Rail System had been announced.
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DOI
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Rights statement
  • In Copyright
Advisor
  • Rodriguez, Daniel
Degree
  • Master of City and Regional Planning
Degree granting institution
  • University of North Carolina at Chapel Hill
Language
Location
  • Chapel Hill, North Carolina, United States
  • Durham, North Carolina, United States
  • Research Triangle Park, North Carolina, United States
  • Raleigh, North Carolina, United States
Extent
  • 38 p.
Access right
  • Open access
Date uploaded
  • December 10, 2010

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