Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334646 
Year of Publication: 
2025
Series/Report no.: 
CESifo Working Paper No. 12290
Publisher: 
Munich Society for the Promotion of Economic Research - CESifo GmbH, Munich
Abstract: 
Property transaction prices are widely regarded as the best measure of property value, but are sometimes unavailable. Using data from the Netherlands and New York, we analyze whether list prices and assessed values are reliable substitutes. In the cross-section, both proxies strongly predict sales prices, and estimated hedonic implicit prices resemble those based on sales prices. Over time, there is a sluggish adjustment in both proxies, but much more so in assessed values - particularly when they are based on rental incomes. While assessed values are well-suited for cross-sectional hedonic modelling or the quantification of static quantitative spatial models, list prices are better suited for the estimation of hedonic implicit prices from variation over time, although some attenuation bias should be expected.
Subjects: 
assessed values
list prices
sales prices
transaction prices
hedonic pricing
historic amenities
wind turbines
transit accessibility
JEL: 
R31
C21
C23
Document Type: 
Working Paper
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