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Accessibility and Housing Price Resilience: Evidence from Limited-Access Roadways

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Document pages: 20 pages

Abstract: This paper investigates the hypothesis that houses located in proximity of limited-access roadways exhibit a resilience to price decline during and after exogenous market downturns. Using a quasi-experimental design, we look for empirical evidence of price differentials before, during, and after construction and operation of network improvements. Using a spatial-autoregressive difference-in-difference estimator with spatial disturbances, we find evidence of price resilience in the aftermath of the real estate bubble affecting the local and state economy. Single-family homes exhibit a price premium ranging from 4.6 to 5.2 percent over their controls. These premium differentials are realized four to five years after the facilities’ opening and following the U.S. real estate market downturn. This paper contributes to the empirical literature by providing a quasi-experimental approach to select comparable parcels for spatial hedonic regression.

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