Local housing markets sing when the “Anti-Hero” crooner comes to town, a new study finds.
There’s no bad blood between Taylor Swift and real estate. Her sold-out stadium concerts are proving to be good karma for local housing markets.
Architectural Digest explores in a new study(link is external) the possible housing impact of Taylor Swift’s record-breaking Eras Tour, which has grossed $1 billion to date. And look at what you made her do: Home prices rose in host cities by an average of 2.1% following Swift’s concerts compared to the national average of 0.5%, the study finds. The study measured the impact of the first leg of Swift’s U.S. tour from March through August. Atlanta saw some of the most significant home price appreciation after a Swift concert, with an uptick of 8.8%.
Certainly, Swift’s tour has been hitting large cities with markets that were already seeing home prices rise, but researchers say the hype around the singer’s concerts has a real effect.
"Taylor Swift's Eras Tour wielded an unexpected influence on the real estate market,” says Amanda Lutz, a contributor and researcher for Architectural Digest. “This surge in home prices directly stems from the tour's profound economic impact on these cities” and highlights “the tour’s role as a catalyst for potential relocations.”
Architectural Digest also surveyed 1,000 concertgoers who traveled to see Swift and their perception of the host cities’ reputation. One in five who ventured to a different city for the show said they are now contemplating moving there. Swifties are most tempted to move to Houston: 45% of those who traveled to an Eras Tour concert there say they now want to relocate to Houston. Seattle, Atlanta and Denver also apparently have enchanted concertgoers enough to want to move there.
Swift’s “remarkable influence on the real estate market reveals just how far-reaching her impact truly is,” the study notes. “From transforming cities into Swiftie havens to sparking relocations and skyrocketing home prices, Taylor Swift’s soaring popularity has brought plenty of good karma to local economies.”
Some municipalities are even temporarily renaming themselves in Swift’s honor when she comes to town—a marketing move to win over her fans. For example, Hillsborough County, Fla., renamed itself “Swiftsborough,” and Glendale, Ariz., temporarily became “Swift City.”Indeed, researchers note that sparks fly when Swift’s Eras Tour arrives, bringing an economic boost to the hotel and short-term rental sectors. Fans reported spending nearly $1,000 in the hosting cities when attending the concert—an average of $208 on accommodations, $121 on activities, $145 on food and $452 for concert tickets, the Architectural Digest study notes.
Source: nar.realtor
