Is a 3 Car Garage Worth More Than a 2 Car Garage?

Every month we pull some interesting facts off the multiple listing service and provide you with the information. This month we looked at South Meadows home sales for the month of June. We compared homes with 2 car garages vs 3 car garages. Which one has more value? Here are the facts. 

Criteria:

Date July 4, 2019

FACTS

  • June Sold Homes - 65
  • Active homes for sale both 1 and 2 story is 138

2 Story Homes Sales in June (25)

2 Story Homes Sold With 2 Car Garages

  • 2 story homes sold with 2 car garages -12
  • 2 story homes sold with 2 car garages median price - $410,000
  • 2 story homes sold with 2 car garages Days on Market - avg is 80 days
  • 2 story homes sold with 2 car garages median square foot are 1,975 sf

2 Story Homes Sold With 3 Car Garages or More

  • 2 story homes sold with 3 car garages - 13
  • 2 story homes sold with 3 car garages median price -$500,000
  • 2 story homes sold with 3 car garages Days on Market - avg is 120 days
  • 2 story homes sold with 3 car garages median square foot are 2,711 sf

1 Story Homes Sales in June 

1 Story Homes Sold With 2 Car Garages

  • 1 story homes sold with 2 car garages -24
  • 1 story homes sold with 2 car garages median price - $414,500
  • 1 story homes sold with 2 car garages Days on Market - avg is 112 days
  • 1 story homes sold with 2 car garages median square foot are 1,681 sf

1 Story Homes Sold With 3 Car Garages or More

  • 1 story homes sold with 3 car garages - 16
  • 1 story homes sold with 3 car garages median price -$515,997
  • 1 story homes sold with 3 car garages Days on Market - avg is 72 days
  • 1 story homes sold with 3 car garages median square foot are 2,415 sf

All Homes Sold in South Meadows (Area 143) This Year between 2500-3000 sf

2 car garages 17 homes sold with a median price of $495,000 (Avg size was $2,724sf)

3 car garages 39 homes sold with a median price of $520,000 (Avg size was $2,711sf)

Summary:

We started noticing that 3 car garage homes were selling at a higher price. To validate our theory, we broke out the houses by one and two stories and then one and two car garages. At first, it seemed apparent that the 3 car garage homes were selling for a lot more money. Something seemed off! The 3 car garages must be larger homes, right? That would account for the higher sold prices. Breaking out the homes by the median square foot, the 2 car garages were usually smaller. 

The second part was to narrow the homes to similar square footage, so we looked at homes between 2,000 and 3,000 square foot and our theory was correct. Homes with 3 car garages sell for 5% higher. 

The next step is to look at homes sold in other neighborhoods and see if the results are similar. 

If you would like some more information on what your home is worth, call Mike or Shaina at 775-453-4625.