I get this question sometimes-about whether or not having a home nearby a Church of Jesus Christ Temple will raise their home value. With the new Saratoga Springs temple being announced in Utah, I’ve been getting that question more often-so I wanted to have fact-backed data to find out. (What can I say, I’m a stats nerd!)
So, how to find the answer?
I picked four temples that were built in the last 20 years. I researched the median list price for homes sold in that city and then homes sold within a mile of the temple from when the temples were announced until they were done.
Here’s what I found.
For Payson- there were no differences in pricing in the town OR within a mile of the temple.
For Draper- the average value of homes actually FELL after this temple was completed.
For South Jordan- Oquirrh Mountain (pronounced ochre for those NOT from Utah) – home values rose in all of South Jordan but went DOWN within a mile of the temple.
For Provo- the City Center Temple-values in Provo City went down, but within a mile of the temple, values DID GO UP.
Think of a view of the temple like a swimming pool. Some buyers will LOVE swimming pools and it will make them want to buy a home that has one. For others, it’s a deal breaker because they don’t care for the upkeep or danger of a pool. That’s the temple view- a selling point for some and off-putting for others.
Any questions about the specific data?! Feel free to message me- I love discussing real estate facts!