Does Quality of School System Impact Local Real Estate Market?

May 7, 2013 Updated May 7, 2013 at 6:53 PM EDT

By Hilary Lane

May 7, 2013 Updated May 7, 2013 at 6:53 PM EDT

Experts say there is a correlation between the quality of a school system and the real estate market in the area.

"When the school systems are better, houses sell for more, quicker," said Jim Roberts, of WNY Metro Roberts Realty.

According to Buffalo Business First, the Williamsville School District is the best in the area. Therefore, it should come as no surprise the real estate market there is booming.

"There is a big demand in those areas because people want to be in the best school districts where they don't have to pay for private education," said Roberts.

In addition to the suburban communities, South Buffalo is also seeing a resurgence in its real estate market.

"There is a huge demand for housing right off of Abbott and McKinley," said Roberts. "We can't keep a house on the market. But you have a great opportunity here. You have private schools, public schools, and charter schools.

When the real estate market in an area is hot, so is the local economy.

"The general rule of thumb is on top of the cost of the house, people spend $10,000 to $15,00 on other items," said James Fink, Business First Reporter. "That's one economic impact on the area."

Also, there are more people patronizing local businesses which encourages others to come and set up shop, creating a more vibrant community.