The Impact of Greening Schoolyards on Property Values

<b>Background:</b> Urban schoolyard greening is widely promoted for environmental, educational, and social benefits, yet its effect on residential property values remains insufficiently explored. The present study evaluates the association between schoolyard greening and nearby residential property values in three major U.S. cities.<b>Methods:</b> Housing sales data (2010–2022) from Denver, Los Angeles, and Boston were linked to georeferenced public schoolyard greening projects. A difference-in-differences (DiD) approach, employing matched controls and hedonic pricing models, was applied, with adjustments for socio-demographic and neighborhood factors. Robustness was assessed through event study analysis, placebo tests, and spatial spillover sensitivity analyses. Subgroup analyses considered effects by neighborhood income, race/ethnicity, and schoolyard quality. Full data processing code and synthetic data are provided for reproducibility.<b>Results:</b> Greening interventions were associated with a significant 4.1% (95% CI: 3.5–4.7%) average increase in residential property values within 400 meters, relative to matched controls. The largest effects occurred in high-quality, accessible schoolyards and in previously underserved neighborhoods. Subgroup analyses revealed the strongest gains in middle-income and racially mixed areas, with early indications of displacement in some low-income neighborhoods. Findings were robust across alternative specifications, with null results in placebo and spatial spillover tests. Event study analysis confirmed parallel trends.<b>Conclusions:</b> Schoolyard greening consistently predicts increased residential property values in adjacent areas. Policy integration with anti-displacement and housing affordability measures is necessary to ensure equitable distribution of benefits. Future research should leverage longitudinal resident data and administrative records to better track displacement and mobility over time.