Valuing vegetation in an urban watershed

This study uses the hedonic price method to examine if land cover types-trees, shrubs, water and impervious surface areas-affect the sale price of single-family residential properties in Multnomah County, Oregon. We combine detailed structural and location information for 36,753 single-family residential property sales with the percentage of land cover on each property and within three buffers surrounding each property. Trees contribute positively to a property's sale price, but the estimated increase may be less than the costs of planting and caring for trees. Benefits received by nearby property owners may justify actions by government agencies to expand canopy coverage.

► Hedonic price analysis finds that trees on a property increases its sale price but that the increase may be less than the costs of planting and caring for trees.
► Tree canopy in buffers of 200-ft, 200-ft to 1/4 mile, and 1/4 mile to 1/2 mile surrounding a property increases its sale price.
► Benefits from tree canopy not taken into account by private property owners may justify actions by government agencies to protect and enhance tree canopy.