“A discount doesn’t necessarily mean a city is unattractive. It just shows that the houses that do not have a view of the city are relatively more expensive.”
Homes with scenic views of nature list at an average price of $1.15 million in Colorado, which is second only to California at $1.17 million,The panorama premium for nature versus all home listings runs about 50% higher and isn’t too far from the 44.2% premium commanded nationally. The biggest markups are in Wyoming, at 140%, followed by Texas at 121% and Mississippi at 119%.
In Denver, the nature view premium is 55.3% with the average price at $1.12 million, while in Colorado Springs it is even higher at 56.9% on an average price of $770,191. Aurora homes with nature views have an average list price of $665,655, which represents a premium of 46.3%. “The more demand and the less abundant a feature is, the higher its premium will be. That being said, the exact location and overall characteristics of a house also play a key role in its market price,” said Juan Carlos Sánchez Albarracín, a senior data analyst with NeoMan, which conducted the study using listings on Zillow.
For example, waterfront homes come at a higher premium than those looking out over nature and those with great city views. The national premium for a waterfront home is 78%, but in dry states like Wyoming and Nevada, the premiums are 225% and 192%. In Colorado, a waterfront home comes with an 83% premium over the average list price.
Albarracin acknowledged the premium isn’t entirely about location. Builders who secure a parcel with great views, say up on the side of a mountain or on the shores of a lake, often upgrade the quality of construction and finishes and provide additional features. Although the study controlled for square footage, those “extras” designed to attract a more well-heeled buyer are part of the equation.
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