How does a new sports stadium affect housing values? The case of FedEx Field.

摘要

This study investigates how the construction of a sports stadium affects residential housing values. Hedonic analyses are conducted to assess the price differentials between housing units in close proximity to FedEx Field (home of the Washington Redskins) in Prince George's County, Maryland, USA, and comparable units away from it. Using a difference-in-difference approach, the study finds that properties near FedEx Field were sold at a discount; however, this price differential was narrowed after the completion of the stadium. Contrary to neighbourhood activists' concern that sports venues adversely affect property values, the findings of this study indicate that a new stadium improves housing values in the surrounding area..