It seems home buyers are picky when choosing their next residence and having the right street name can help.
A new survey by real estate website Trulia suggests subtle differences in street names – such as whether a street name ends in the word “Lane” or “Park” – can make a big difference in the asking price.
To prove it, Trulia analyzed the median asking price per square foot on different types of address suffixes.
As it turns out, homes with street addresses that included the words Boulevard, Place and Road have higher prices on average when compared to those ending in Avenue, Drive or Street.
In fact, if you want a home with more price value, the survey suggests buying a property with the word Boulevard in the street address is your best bet.
Two percent of the homes for sale on Trulia had the word ‘Boulevard’ in the address line and on average those homes sold for about $117 per square foot. That’s the highest amount of all street-name types and is closely followed by addresses with the suffixes ‘Place’ and ‘Road’.
A property with the word ‘Lane’ on the address line would go for about $101 per square foot, which is well below the value placed on Boulevard listings.
Addresses with the lowest prices were those with the suffixes Avenue, Drive and Street. Street is apparently not a popular term. About 19% of the surveyed loans had addresses ending in street, and those properties sold for about $86 per square foot.
