Does Neighborhood Walkability Matter in Real Estate Studies?: Focused on A Literature Review

Abstract

This study examines previous studies on the relationship between neighborhood walkability and the real estate to find out what academic discussions have been made between these two issues, and to explore the implications of walkable environments in the real estate studies. For systematic literature review, a selection process was conducted using PRISMA (Preferred Reporting Items for Systematic Review and Meta-Analyses) guideline, and a total of 23 academic papers were selected. According to the citation report, articles related to walkability in the real estate studies began to appear more than a decade ago, and the number of publications and citations has tended to increase in recent years. In addition, the issue of walkable environment, which was mainly dealt with in the urban planning studies, was also being discussed in the fields of economics and business finance. The 23 articles were largely divided into three thematic groups: walkability and housing prices, walkable and property values, and making walkable environment projects and housing prices. In these three topics, it was found that the walkable environment plays a positive role in increasing housing prices and property values. This study is meaningful in that it comprehensively reviewed previous studies that discussed neighborhood walkability and real estate, which have not been reviewed much from the academic perspective. Based on this study, it is expected that making walkable environment will emerge in the field of real estate industry.