Since the beginning of the COVID-19 pandemic in early 2020, the U.S. housing market has seen dramatic changes owing to supply chain disruptions, historically low and then sharply rising interest rates, and changing consumer preferences. While neighborhood walkability and transit accessibility have generally been found to contribute positively to home values in the U.S., their marginal value may have declined during the pandemic due to the closing of neighborhood retail and other amenities, fear of infection in congested public spaces, and a desire for more home and garden space following a period of lock-down and expanding opportunities for remote work. This paper thus traces the shifting marginal value of neighborhood walkability and transit accessibility prior to, during, and shortly after the COVID-19 pandemic (2014-2024), while controlling for confounding factors at both the regional and local, zip-code level. The results suggest a reduction in the marginal value of both walkability and transit accessibility during and immediately following the COVID-19 pandemic, with no evidence of recovery as of 2024. Implications for planning and policy are discussed.
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