By Danielle Craig
MEDFORD, Ore. — Walmart stores tout “Always Low Prices”, but a new study suggests that’s only the case inside the store because outside the store, homeowners may be seeing an increase in the price of their home.
According to the new study a Walmart in your neighborhood could add $4,000 to the price of your home. Researchers came to that conclusion after studying 600,000 housing transactions near 159 new Walmart stores. But as the Walmart in South Medford has gone up, home prices haven’t.
Construction crews are working to make room for cars to park at the new south Medford Walmart and, despite a national trend, it appears this Walmart won’t be driving up the price of nearby homes.
The economists behind this new research specifically looked at the years between 2001 and 2006.they say during that time, homes within a half-mile of a new Walmart store saw their prices rise between 2 to 3% on average.
Homeowners living up to a mile away saw prices jump 1 to 2%. But the trend isn’t clear in the Rogue Valley. Local realtors say it’s a difficult monitor because of the instability of the market.
“The last five to six years we’ve been in a declining market, so noticing any kind of an increase would be difficult,” says Colin Mullane, with the Rogue Valley Association of Realtors.
Realtors say the Walmart stores from eagle point to talent are not impacting home prices. Walmart is not commenting on the study. The study says the home price increase begins right as construction does.