Study: Trader Joe's to help raise home values

Posted at 10:33 PM, Jan 26, 2016
and last updated 2016-01-27 12:22:47-05

TULSA -- Only a month remains until the state's first Trader Joe's store opens in Brookside.

Neighbors are excited the grocery store will bring in some more variety, but the popular store may benefit more than just shoppers.

According to online real estate portal Zillow, its analysis found that homes located closer to high-end grocery stores like Trader Joe's and Whole Foods grew more rapidly in value.

Zillow reported that its study looked at the value of millions of homes located close to the two stores over a period of several years. Two years after a Trader Joe's opened, Zillow found that the median home value within a mile of the store went up 10 percentage points compared to all other homes during the previous year.

By that estimation, Brookside should become an even bigger draw for anxious sellers and eager buyers.

Cindy Rodgers, a realtor with Chinoweth & Cohen, said the correlation between high-end grocery stores and higher home values is hardly surprising.

"I think in general the Tulsa housing market's doing great," Rodgers said. "I think our economy's great. I think all the things that we're seeing coming into Tulsa, these stores that we've been coveting for years and wanting to get here, it's a good sign for Tulsa in general. I think we should all be thankful we live here."

Trader Joe's opens in Tulsa on February 26.