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There has been recent interest in green building and development practices and research. Resulting from growing environmental awareness and concerns, mandatory residential green building programs have been implemented nationally at the municipal level and Texas has passed legislation to create a statewide program. However, the impact of greenness on residential property values has not been rigorously evaluated. This study examines residential transaction prices in two cities and finds a statistically significant premium associated with "green" properties. Additionally, there is evidence of a larger premium associated with green properties located in Frisco, Texas which has the nations first mandatory green building program.

AbstractWe use Google search frequency to construct sentiment indices (positive and negative) for the housing market. We find that future housing prices are negatively related to our measure of negative sentiment but not significantly related to that of positive sentiment. These relationships are robust to controls for macroeconomic variables, stock market return, and Housing Market Index, a survey‐based housing sentiment index. Furthermore, we find that an increase in negative sentiment results in a significant negative response in housing prices, while a decrease evokes little response. Thus, the housing market exhibits asymmetric responses to negative and positive sentiment and to increases versus decreases in negative sentiment. We attribute these asymmetric responses to the "negativity effect." Finally, we find that home prices are more sensitive to sentiment during recessionary periods.