Do Lovejoy School District homes in Lucas and Fairview command higher prices than the other school districts? The answer is "yes" and we see it constantly when we're running sale comparables on the MLS. I also asked a Collin County Appraisal District appraiser for her opinion and she said they add a premium for Lovejoy ISD too. So why is that? I'll try to explain, but first, you have to understand the dynamics of Fairview and Lucas concerning the different school districts.
There are six different school districts in the two small towns of Lucas and Fairview. Allen, McKinney, Lovejoy, Wylie, Princeton, and Plano serve Lucas and Fairview has two, McKinney and Lovejoy. The school district lines might follow natural boundaries like streets or creeks, but sometimes meander randomly through these towns without any apparent reason or logic. They can run through the middle of a development or even the middle of a home. Two families living side by side or across the street from each other might send their kids to two different school districts, Lovejoy or McKinney.
So what does Lovejoy School District have going for it in Fairview and Lucas?
- Proximity of schools to the homes - All of the Lovejoy schools are located in Fairview or Lucas, but the schools in all of the other school districts are in different cities. Allen schools are close, but McKinney, Plano, Wylie, and Princeton schools take a while to get there.
- School District Size - Lovejoy ISD is a much smaller district than the surrounding school districts. There are roughly 4,400 students in Lovejoy ISD. Compare that to 22,000 in Allen ISD, 24,000 in McKinney ISD, and 50,000 in Plano ISD. If you want your child to attend a smaller school district and worry about them becoming lost in a large school district, Lovejoy is a good option. Many buyers like Lovejoy ISD because it's a small school district with only about 4,400 students. Compare that to Allen ISD, with 22,000 students, or McKinney ISD, with 24,000. Lovejoy can be appealing if you want a smaller, more intimate experience.
- School Ratings - The Texas Education Agency consistently rates Lovejoy among the top three public school districts year after year. Allen ISD also has excellent ratings. Although Lovejoy ISD gets a lot of the media buzz when I talk to the kids and parents of the other school districts, they are loyal to them and I rarely hear complaints about their schools.
So what kind of premium do Fairview or Lucas Lovejoy ISD homes have over the other school districts? It's not an exact science but we feel it's between 5% to 10%..
To sum it up, we sell homes in every school district serving Fairview and Lucas and don't have issues, we just have to be wise in our pricing.
