PNC Park may be even friendlier to homeowners than it is to pitchers.
Home values near the North Shore’s ballpark, which has a reputation of being more favorable to pitchers than to hitters, are 33.6 percent higher, on average, than they are in the Pittsburgh metropolitan area as a whole, according to a study released this week by the real estate website Trulia.
Rents, too, are 9.8 percent higher near the Pirates’ park than in the metro area overall — cause to raise the Jolly Roger for landlords, but perhaps as welcome as a rain delay to those who must pay them.
The study by San Francisco-based Trulia looked at home values within a mile of the 29 major league ballparks in the United States. It found median values in neighborhoods around 18 ballparks were higher than in the cities as a whole. Similar trends were seen for rents in those areas.
In Pittsburgh, Trulia calculated the median home value near PNC Park at $175,461 compared with $131,293 in the metro area as a whole.
That 33.6 percent difference was the sixth-highest among all ballparks in the U.S., behind New York’s Yankee Stadium, Houston’s Minute Maid Park, Boston’s Fenway Park, Cincinnati’s Great American Ball Park and Detroit’s Comerica Park.
Howard “Hoddy” Hanna III, chairman and CEO of Howard Hanna Real Estate Services in Pittsburgh, wasn’t surprised by the findings.
He noted that a one-mile radius around PNC Park would include some big league real estate — from the luxury condominiums Downtown to the old Victorian rowhouses on the Mexican War Streets on the North Side to the pricey real estate on Grandview Avenue on Mount Washington.
Downtown condos alone “are probably 33 percent higher than the average price in Western Pennsylvania,” he said.
Of course, not every house within the one-mile radius is as pricey as a seat behind home plate. A quick check of Trulia listings for the Manchester neighborhood showed several houses selling for between $75,000 and $100,000.
Others, however, were going for more than $200,000.
The study also found that newer stadiums tend to be located in pricier neighborhoods.
“Ballparks aren’t placed in places by mistake. Location is a very big deal. Cities and local governments are very cognizant of where stadiums are. They are very interested in making sure these neighborhoods are welcoming. You don’t want a stadium in a blighted area,” said David Weidner, managing editor of research for Trulia.
Although other factors, such as proximity to Downtown, might also come into play, Mr. Weidner believes the ballparks themselves — particularly the newer ones — add value and “enhance the neighborhoods in which they are built.”
Not all ballparks turned into a field of dreams for property owners. In Oakland, Calif., for instance, home values in the area surrounding the stadium were 55.9 percent lower than in the metro area as a whole.
The same applied to Milwaukee and Kansas City, home of the 2015 World Series champions, where housing values near the ballparks were 52.5 percent and 51.6 percent lower than in those respective cities.
PNC Park’s favorable effect on property values might be of little consolation to homeowners in some areas of the North Side who must contend with traffic, noise, lost parking spaces, tailgating and other issues caused by game day crowds.
Mr. Weidner acknowledged that it “takes a special kind of resident to live around one of these parks” for 81 home games a year. “You still have to live with a lot of noise and a lot of people coming through your neighborhood,” he said.
Cynthia Shea, vice president of East Allegheny Community Council, said her Deutschtown neighborhood on the North Side sees an increase in the number of people parking during Pirates games, but she believes the touted property value benefit outweighs the negatives.
Ms. Shea said Deutschtown is becoming a more popular place to live. Empty lots are disappearing and some renovated houses are selling for $250,000 to $350,000.
“We’re getting our share of hipsters moving in,” she said.
She believes there’s more driving that influx than the ballpark itself. People also are drawn by proximity of Downtown and Cultural District attractions as well as other factors.
On the leasing side, rents near PNC Park averaged $1,313 a month compared with $1,195 in the metro area as a whole.
The 9.8 percent difference ranked 13th among all ballparks in the country.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published: March 31, 2016, 4:00 a.m.
