Exploring the Determinants of Spatial Pattern in Residential Land Markets: Amenities and Disamenities in Charlotte,NC,USA

Abstract

In this paper I present an empirical analysis of spatial patterns in land markets in Mecklenburg County, North Carolina, between 2000 and 2003. It is well known that land markets reflect a variety of spatial factors that collectively influence market value, yet it is empirically difficult to sort out the relative contribution of overall and localized, the spatial and aspatial determinants of sales prices. Some of the classical assumptions about urban form that feed into hedonic analyses of land markets are explored. Then, three analyses are presented: simple visualization of single-family residential sales prices with regard to factors likely to influence land value, univariate and bivariate measures of spatial autocorrelation, and, finally, spatial econometric hedonic modeling.