As most residents know, Eastern Massachusetts has high home prices compared to many other parts of the country. Could the success of the New England Patriots be one reason why?
Maybe so. According to a new, seemingly tongue-in-cheek study from Century 21 Real Estate LLC, there can often be a correlation between a city’s real estate market and the fortunes of its National Football League team.
Data Point One: Four of the five cities with teams that went from a losing record in 2010 to a winning record in 2011 saw average home sales prices increase between 2010 and 2011. Those four cities are Cincinnati, Detroit, Houston, and Nashville.
Data Point Two: The Indianapolis Colts went from a winning record of 10-6 in 2010 to a losing record of 2-14 in 2011. During that time, the city’s real estate market had a 19.8 percent decrease in home sales, according to Century 21’s analysis.
The study also detected a possible “Tim Tebow Effect.” As fans know, Tebow played quarterback with wildly mixed results for the Denver Broncos last season. Now he is suiting up for the New York Jets.
Here’s what the Century 21 study had to say about Tebow: “After Tim Tebow was drafted by the Broncos in April of 2010, Denver saw its home value index grow 1.46 percent before Tebow was traded in March of 2012. Since Tebow was signed by the Jets, New York City has seen its home value index grow 3.87 percent, perhaps thanks to its newest resident.”
At first glance, it would seem that locals looking to sell their homes might have one more reason to pull for the Patriots this season. The reasoning? More Patriots victories could mean that their homes will fetch higher prices. On the flip-side, local renters looking to buy a first home might want to root for the Jets --- in the name of possibly lower home prices.