Abstract
The market for housing is often analyzed from the hedonic perspective where the characteristics of the house and its location together influence its market price. In this study, the contribution of the quality of landscaping to the house price is estimated. Using data from a sample of 288 recent home sales in Greenville, South Carolina, a linear in the logs regression of house price on house characteristics, location and landscape quality was estimated. A house that obtained an excellent landscaping rating from a local landscaping professional could expect a sales price of about 4 to 5 percentage points higher (depending on the size of the lot) than equivalent houses with good landscaping. Homes with landscaping appeal far below (fair or poor) neighboring homes with excellent landscapes can expect a sales price 8–10% below equivalent homes with good landscaping appeal.
Author notes
The author wishes to acknowledge the efforts of Jacqueline Eaddy Moore and Mona Ray, graduate research assistants, Department of Agricultural and Applied Economics, Clemson University for their assistance with data analysis and to Dr. Steve Miller for editorial efforts.
2Professor.