We use hedonic analysis of home transaction data from the Minneapolis–St. Paul
metropolitan area to estimate the effects of proximity to open space on sales price. We allow
the effects of proximity to vary with demographic and location-specific characteristics and
include fixed effects to control for observed and unobserved neighborhood characteristics.
We find that the value of proximity to open space is higher in neighborhoods that are dense,
near the central business district, high-income, high-crime, or home to many children. Using …