School Improvement and Urban Renewal: The Impact of a Turnaround School's Performance on Real Property Values in Its Surrounding Community

This study investigates the economic impact of a "turnaround" school on real property values in its surrounding community as related to the argument introduced by Tiebout in 1956 correlating local public goods, in this case school success, to housing-location decision making. Using single-family home sales found on the Multiple Listing System and data from the Realist Tax Record, we found property values in the school's catchment area were higher than in nearby neighborhoods feeding other public schools; houses were selling closer to their initial asking price and were on the market for shorter times than in comparable neighborhoods.