Location, Location, Location...
Yes it could hurt the resale value of your home. But first ask yourself these questions:
1) Noise level - what's going on in the area on a daily bases?
2) Traffic; school buses, parents picking up and dropping off students?
3) Privacey - is there a lot of foot and car traffic?
4) Is your back yard easy access to children coming to and from school
5) How many times a week do they have special outside activities; band practice, games and cheerleading?
Is there an outside basketball court near by?
The choice is yours, but you must consider your privacey and temperment when moving next to a school...