Believe it or not, a home’s address suffix can mean a 36% difference in its asking price.
Ever wonder if the homes on “avenues” are typically more expensive than the homes on “streets”? We have. Using our very own database of homes for sale on Trulia, we analyzed the median price per square foot for different types of address suffixes. In this analysis, we limited the results to only address suffixes that currently have at least 10,000 homes for sale (which comprise 97% of the sample). Here’s what we found:
As it turns out, homes on “boulevard” ($117) are the most expensive while the cheapest are those on “street” ($86) – that’s a 36% price difference! Although saying you live on “Whatchamacallit Road” may not sound that fancy, at $109 per square foot, homes located there are actually the third most expensive of any suffix type. In fact, the median home on a “road” is respectively 8% and 9% more expensive than those located on seemingly more upscale-sounding “court” and “circle.”
Why is “boulevard” the most expensive address suffix? Well, while the word does have a sophisticated French origin, it actually might have more to do with the mix of the homes located there. Approximately, 37% of homes on “boulevards” are in multi-unit buildings, such as apartments and condos. In contrast, these types of homes make up no more than 16% of homes on every other address suffix. A greater concentration of multi-unit buildings could drive up costs as they are often located in denser, urban areas where space is at a premium.
“Boulevard” may be the most expensive suffix but with only a 2% share of total listings, it’s certainly not the most prevalent one. In contrast, 22% of listings are located on a “drive.” That’s even more popular than “street” (19%), “road” (16%), and “avenue” (15%).
Now back to our original question (in the title of this post) about Wisteria Lane and Sesame Street. So where are homes more expensive? Based on our analysis above, the price per square foot of Cookie Monster’s home could be 17% cheaper than Susan Mayer’s. Good thing – more leftover cash for cookies! Cookies!! Cookies!!!