One of the most frequently searched and asked questions about home value is if hardwood floors actually increase the value of a home. This is something we are asked quick frequently, as are many real estate professionals that we talk to. It’s important that we are clear about the fact that there is very little data that directly supports this notion, however there is an overwhelming amount of evidence that hardwood floors do increase home value for sellers.
In fact, we have done a considerable amount of research on this topic for this article in order to find as much data as possible. We believe that the research will point you to the fact that hardwood floors do actually add value to a home.
Here’s what we found.
Many Home Buyers Prefer Hardwood Floors
According to data from the National Association of Realtors, some 54% of home buyers are willing to pay more for hardwood flooring in their next home purchase. Additionally, they also stated that this home feature was very important to them!
The study put out via a USA Today piece that surveyed home buyers showed that around 25% of buyers under age of 35, and 28% between 35 and 54, considered hardwood floors “very important” when looking for a home to purchase. But only 17% of people ages 55 and older felt the same way about hardwood floors being so important to them.
Beyond the data that was included in the study, we came across real estate agent after real estate agent that were also declaring that their buyers want hardwood floors in their next home. Though this portion of our research is not based on a formal study, we can tell you that from the hundreds of blog posts, articles, interviews and forum comments made by real estate professionals, the message was very consistent and clear. Their home buyers prefer hardwood floors!
Hardwood Floors Increases Home Value
As we further researched the various studies and statistics that were out there on hardwood flooring increasing the value of a home, there were many references to an article on MSN written by Christopher Solomon which was called “Is Carpet Dead”. Though the early 2000’s article is apparently no longer available on the MSN real estate section, it was supposedly based on a 2003 study conducted by Prof. G. Stacy Sirmans of Florida State University, found that a home’s selling price was increased by 6% when hardwood floors were installed. Though we searched extensively to find the actual study, we were unable to locate it online. We did however reach out to Professor Sirmans and did verify the numbers from the study.
The study does provide factual data to support hardwood flooring adding value to a home.
Furthermore, the National Wood Flooring Association conducted a survey in 2006 with real estate agents across the country. The NWFA study reported that 99% of the responding real estate agents agreed that homes with hardwood floors are easier to sell. That statistic in and of itself is quite substantial, but the study went further to find that 82% of real estate professionals said that homes with hardwood floors sell faster than those without hardwood flooring. And lastly, 90% said that homes with hardwood floors actually to sell for more money. In fact 88% of real estate agents indicated that homes with hardwood floors sell for more (between 1% – 10%), while 12% said they sold for 10% higher. ‘
These statistics definitively support the increase in home value due to hardwood floors.
Finally, we also reviewed the Portland area home value statistics provided by the reliable website Cost Vs Value. Though the site’s research data does not specifically separate hardwood flooring cost and value increase figures, it does add more credence to the fact that home remodeling and construction projects that include hardwood flooring do tend to realize a higher increase in home value over those that do not.
At the end of the day, there is some real direct evidence that installing hardwood floors will add value to your home when you decide to sell it. The estimated home value increase with hardwood floors is somewhat subjective, ranging from 1%, up to a high of 20% more, but we suspect that factors such as home price range, neighborhood and location are also variables that when combined with hardwood flooring make an overall impact on home value increase as well.
It is important to note here that with all of the research we did for this post, the data was always focused on hardwood flooring and did not reference solid hardwood floors, engineered hardwood flooring or laminate wood flooring separately. Therefore, we must assume that all of the study data is referring to primarily solid hardwood floors and potentially some engineered hardwood flooring as well. But we did find subjective information and references to laminate wood flooring NOT being included in the home value increase. So in other words, we can infer that laminate wood flooring does not increase the value of a home, as solid and/or engineered hardwood floors appear to.
The fact is that hardwood floors do have a direct impact on the value and price of a home. We believe this is a trend that will continue as the popularity of hardwood and engineered flooring remains constant and growing.