Living Near a Grocery Store Could Offer More than Convenience for Local Home Buyers, Study Shows
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The H-E-B in Frisco attracted a lot of grocery shoppers, but a recent report from ATTOM Data Solutions suggests home buyers might want to head that way too.
The nationwide report did not examine home values near H-E-B, which drew residents like a Black Friday sale when it opened in Frisco in September — but it did analyze Trader Joe’s, ALDI, and Whole Foods.
The results show that the average value of homes within shopping distance of Trader Joe’s is a whopping $987,923.
The average home value is $321,116 for those who live near an ALDI grocery store, and $891,416 for those who live near a Whole Foods, according to the ATTOM report.
ATTOM, a curator of land and property data, studied grocery store proximity effects on home value for a buyer, based on home price appreciation and equity, and for an investor looking for the best home-flipping returns and seller return on investment.
Rick Sharga, ATTOM’s executive vice president of market intelligence, said smart homebuyers might want to consider where they’ll do their grocery shopping when they’re shopping for a new home.
“It turns out that being located near grocery stores isn’t only a matter of convenience for homeowners but can have a significant impact on equity and home values as well,” he said. “And that impact can vary pretty widely depending on which grocery store is in the neighborhood.”
On the flip side, living near a premium grocery store could also mean higher rent, according to this 2020 report from CandysDirt.com.
Frisco Frenzy
Frisco is exploding with real estate, new businesses, and retail establishments. The city in Collin and Denton counties didn’t need a big grocery store for the town to earn a spot on the map, but it didn’t hurt.
The Fields Frisco development is under construction, bringing 3,500 homes next to the PGA of America headquarters.
Fields Frisco is the size of about 2,000 football fields, subdivided into nine villages and neighborhoods. Home prices will range from $700,000 to $2.5 million, developer Fehmi Karahan told CandysDirt.com in August.
It’s also about six miles from the H-E-B that took North Texas by storm this fall.
It’s worth mentioning that an H-E-B also recently opened in Plano, and the surrounding residents appear to be more than willing to trade a little increased traffic for shelves lined with Whataburger novelties and 24 varieties of salsa.
Sprouts in Oak Cliff
Residents of Oak Cliff are weighing in on a proposed rezoning that would allow for construction of a Sprouts Farmers Market grocery store at Fort Worth Avenue and Hampton Road.
While living near a grocery store could increase their property value, it’s not a trade-off everyone wants to make. The Dallas City Plan Commission denied the rezoning request earlier this year because the requestors, Vista Property Co., said they were unable to build the grocery store adjacent to the sidewalk.
Vista officials say that’s not feasible because of the change in elevation from west to east, and proposed building the Sprouts on the back of the property with the parking lot in front.
The zoning change has been in the works for over a year and is expected to go before the Dallas City Council on Dec. 14, said District 1 Councilman Chad West.
The West Commerce Street and Fort Worth Avenue Special Purpose District, referred to as PD 714, calls for new development to stick to an “urban form.”
More than 1,200 residents submitted comments on the project through a now-closed online survey.
“Sprouts and city staff have indicated there is no deadline for this project, thus giving us ample time to ensure everyone has had time to voice their input,” West said in his Nov. 23 district newsletter. “My hope is to resolve the zoning matter before the end of the calendar year.”
