The value of historic district status

Comparing properties in districts listed on the National Register of Historic Places and in locally designated historic districts with those in properties proposed, eligible but not designated districts, this paper estimates the differential effect on housing values of National Register and local historic district status while explicitly considering the effects of overlapping designations. Results indicate significant 9–12 % increases in property values after the district is listed on the National Register and substantial declines in prices from local district designation after accounting for their overlap with National Register districts. Sales volume increases after both types of designation. National Register listing is associated with more new construction and subdivision as well as an increase in construction financing for existing properties. Local designation is associated with more permitted renovations and less new construction and subdivision.