Submission Title

An Hedonic Pricing Model for the Portland and Seattle Metro Area Housing Markets

Location

Jereld R. Nicholson Library

Subject Area

Economics

Description

This study applies an hedonic pricing model to the housing markets in the Portland and Seattle Metropolitan areas. The 206 houses in the sample were randomly selected for a two-week period during the months of October 2014 and March 2015. We find that for both markets the final sale price for houses is positively affected by the number of bathrooms, number of bedrooms, size of the lot, and an assigned metric that gives a quality score to the nearest high school. The distance of the house to the central business district negatively affects the sales prices. But, the marginal effects of the number of bathrooms and the distance to the central business district are greater in the Portland area, while the square feet of the house and the lot size have a greater marginal effect in the Seattle area.

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An Hedonic Pricing Model for the Portland and Seattle Metro Area Housing Markets

Jereld R. Nicholson Library

This study applies an hedonic pricing model to the housing markets in the Portland and Seattle Metropolitan areas. The 206 houses in the sample were randomly selected for a two-week period during the months of October 2014 and March 2015. We find that for both markets the final sale price for houses is positively affected by the number of bathrooms, number of bedrooms, size of the lot, and an assigned metric that gives a quality score to the nearest high school. The distance of the house to the central business district negatively affects the sales prices. But, the marginal effects of the number of bathrooms and the distance to the central business district are greater in the Portland area, while the square feet of the house and the lot size have a greater marginal effect in the Seattle area.