If you live in Green Bay should you care about the fortunes of the Packers even if you don’t know the difference between a scatback and a fullback? What if you live in Chicago or Indianapolis? Should it matter to you if the Bears or Colts are any good even if you’d rather bash your head in than spend an entire afternoon watching gigantic men smash into each other?
A recent study by real estate firm Century 21 suggests that even non-fans should want their NFL teams to boast winning records.
The Century 21 study takes a look at cities with winning football teams. The surprising results? These cities tend to have healthier populations and, important for real estate professionals, stronger real estate markets.
According to the study, four of the five cities whose football teams went from a losing record in 2010 to a winning record a year later saw average home sales prices increase between 2010 and 2011.
The study also found population growth often followings winning football seasons. For instance, after the Packers won the Super Bowl in 2011, the city of Green Bay saw its population increase 1.7 percent.
The study found that losing often produced negative results. When the Indianapolis Colts went from winning 10 games in 2010 to just two in 2011, home sales in the city dropped by 19.8 percent.
It’s hard to take the study too seriously. There are plenty of other reasons for cities to enjoy healthy real estate markets and population surges.
But it’s hard to deny that professional sports teams can make a difference in the fortune of a city. People want to live in cities that feature plenty of entertainment options. And sports teams, for many residents, are a top form of entertainment.
– Dan Rafter