The Value of the Garage

The Value of the Garage


One feature that has been raising value in the home recently: Garages.

In a new analysis by realtor.com®, the site’s researchers examine median listing prices per square foot and all homes listed between Jan. 1 and Oct. 31 to determine how much more sellers are asking per parking spot. While added spaces cause prices to rise, the jump with a three-car garage boasts a notable 11.45 percent increase over those with a single spot, according to the study.

More buyers are house-hunting with garages in mind. Twenty-four percent of homes built in 2015 came with space for three or more cars in the garage – the highest share since the Census Bureau started tracking large garages in 1992. In fact, home builders are now constructing more three-car garages than one-bedroom apartments, Bloomberg reports.

Home buyers care about garage space. One in three buyers say they preferred a three-car garage, according to a survey conducted by John Burns Real Estate Consulting. Fifty-one percent say they want a two-car garage and 10 percent said a one-car garage would suffice.

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