We like to assume parking adds value, but these kinds of comparisons are difficult because there are so many factors affecting price: location, views, updated finishes/appliances, hardwood floors, fireplace, garden, storage, etc.
I looked at 2007 sales in 94122 to see if there is any correlation between price and parking. I compared median prices and average price/sq. ft. and found 2-bedroom homes with 2 parking spaces sold for 13% ($95,000) more than with 1 parking space. For 3 bedroom homes, the difference was insignificant from 1-2 parking spaces, but prices were up 6% from 1 to 3 spaces (6% or $95,000). For 4-bedroom homes, the difference between 1 and 2 parking spaces was 5% ($50,000).
These comparisons are interesting, but I donâ€™t think they are conclusive. Parking is definitely an asset, but as more and more people are choosing to reduce their carbon footprint by biking or taking public transportation, parking in itself may not always be worth as much as you might think.