Learn about how a pro sports team impacts the local market.
The Jacksonville Jaguars have been reforming their franchise and bringing in new faces, and many people are looking forward to the team’s revitalization. However, it also has savvy homeowners wondering about whether successful pro sports teams have any effect on the local market.
After some research, we found that pro teams don’t have a huge impact on real estate; however, they do help stimulate the local economy. They provide jobs for residents and also bring in fans from throughout the country. One comparison points out that, from an economic standpoint, pro baseball teams actually play a larger role. Because they play more ‘regular season’ games, they bring long-term jobs, and they also influence neighborhood property values because they are usually built in them. NFL stadiums are typically built in parking lots; in Jacksonville, we’ve had a hard time tying ours into our downtown economy.
“There’s definitely value in having a successful franchise in your area.”
Attracting free agents becomes easier in states with strong housing markets like Florida, Texas, and California. These are desirable places to live, so many free agents will opt for us instead of less popular states.
However, pro sports teams give cities a lot of energy. It’s hard to explain and it’s not necessarily something tangible, but you know the feeling if you’ve ever lived in a city with a pro team. There’s definitely value in having a successful franchise in your area.
If you have any questions or would like more information about our market, feel free to reach out to me. I look forward to hearing from you soon.