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s the new school year approaches, parents are weighing their options for their children's education and often considering a move to a new area with top-notch schools. However, this decision comes with a hefty price tag, as high-performing districts can command significantly higher home prices.
According to a recent report from Realtor.com, 27 of the 50 most popular school districts among property shoppers have an average school rating of 8 or higher. These sought-after areas saw their median list prices climb to $1.21 million between May and July, a 135% increase compared to surrounding metros.
The Carroll Independent School District in Southlake, Texas, stands out as the nation's most expensive district, with a premium of 391%. The typical home in this top-rated district costs $2.16 million, while the median list price outside the district is just $439,967.
In contrast, popular school districts with average ratings below 8 have a median list price of around $640,000, representing a premium of only 29% compared to surrounding metros. The Dallas-Ft. Worth area has seen a surge in inventory, with active listings reaching nearly 32,000 in July, the highest level in over a decade.
The median list price in Dallas last month was down 2.2% from a year ago, at $439,900, and dropped by 8.5% compared to 2022. However, Realtor.com's economists forecast a 7.8% drop in home prices over the next 12 months.
Other districts with eye-popping price tags include Laguna Beach Unified School District in California, which commands a premium of 322%, and Reed Union Elementary School District in the San Francisco Bay Area, where homes cost around $4 million due to its high-quality schools.
In the Northeast, home shoppers looking to close on a house in the New Hope-Solebury School District outside Philadelphia had best be prepared to spend significantly more money than elsewhere in the metro area. The median asking price for a home within the district is $1.24 million, up 224% from the median in the surrounding metro.
Similarly, Ladue School District in St. Louis has earned the distinction of having the highest premium in its metro, with a typical home costing $968,247 – more than $668,000 higher than the median list price outside the district.
