One might argue that a “green” home is a sustainable home. However, a new Zillow report suggests that a sustainable home can also generate more green for sellers.
According to the report, homes with eco-friendly features can sell faster than expected and for more money in some cases. The study found that electric vehicle chargers and drought-resistant landscaping can help a home sell more than nine days faster than similar homes. It also showed that climate-change-conscious features could help boost the price tag for a house.
Zillow researchers looked at environment-related features mentioned in listing descriptions for 3.1 million home sales in 2020 and 2021.
Key findings:
- Homes equipped with features that protect against climate-related disasters, such as hurricane shutters or stilts, can sell for 2.4% more than expected.
- Energy-efficient features, such as double-pane windows and solar panels, contribute to homes selling for more and faster.
- Large shares of buyers seriously consider flooding (55%), tornadoes (41%), hurricanes (35%) and earthquakes (29%) when choosing a home.
- Homes with descriptions of double-pane windows can sell a week faster than similar homes and for 1% more than expected.
- Homes with solar panels can sell for 1.4% more.
- Listings that tout programmable thermostats, smart sprinkler systems, and smart lights can sell up to six days faster.
The takeaway:
With inflation at a 40-year high—largely due to rising energy costs—efficiency features have become hot commodities for buyers amid climbing expenses. Zillow experts say that features that reduce monthly energy bills can help a home sell faster and, sometimes, for more money.
The frequency of these severe weather events and other natural hazards has also put a premium on homes that have features designed to protect against hurricanes, earthquakes and other natural disasters.
“Climate change is impacting what buyers are looking for in a home and how they want to live,” said Amanda Pendleton, Zillow’s home trends expert. “A previous Zillow survey found nearly two-thirds of young adults believe climate change will impact their homes or communities in their lifetime. Those generations are now aging into their prime home-buying years, conscious of their ecological footprint and making purchase decisions based on their beliefs, values and principles.”
Jordan Grice is RISMedia’s associate online editor. Email him with your real estate news ideas at jgrice@rismedia.com.
