“The new bike lanes are absolutely an attractive selling point, putting Atlanta in the limelight as a progressive city,” she said. “There’s a shortage of inventory in the Atlanta real estate market right now. The metro area was down 21 percent in inventory this time last year (2012), so when you add a citywide initiative like this, I think we’re going to be seeing listings that would have been sitting for 60 to 90 days a few years ago, going under contract within 24 hours — easy.”
When it comes to similar projects, the statistics in other cities are fascinating.
As reported by urban advocacy blog This Big City, Vancouver saw a similar effect in 2010 with 65 percent of realtors using new bikeways as a selling feature on a home. Pittsburgh, whose bike lanes were added in 2007, found that bike lanes not only influenced residential real estate activity, but ignited commercial and business activity as well. And, inNorth Carolina, realtors found that 40 homes adjacent to the Shepherd’s Vineway Bikeway saw property increases of $5,000 and up.
As the blog also notes, research found that bike paths were placed a shocking third on a list of 39 features that homebuyers defined as crucial in buying homes in a new community.