Table 4. Parcel-level OLS regressions on log of home sale prices

	(1)	(2)	(3)	(4)	(5)
Municipality characteristics
Opt-in × post	0.006	0.013	0.027***	0.049***	0.034***
	(0.010)	(0.010)	(0.005)	(0.007)	(0.006)
Log of population		0.018	–1.300***	0.049	0.452***
		(0.159)	(0.010)	(0.094)	(0.149)
% residents with 65+ year old		0.001	0.067***	–0.002***	0.003***
		(0.000)	(0.001)	(0.001)	(0.001)
Property tax rate		0.001	0.740***	–0.017	–0.004
		(0.023)	(0.009)	(0.020)	(0.027)
Log of equalized property values		–0.002	0.784***	–0.025*	0.017
		(0.019)	(0.009)	(0.013)	(0.020)
At least one neighbor opted in		0.019	–1.617***	0.028	–0.076
		(0.058)	(0.024)	(0.039)	(0.060)
MRI score		0.001	0.236***	0.004***	0.001
		(0.001)	(0.003)	(0.001)	(0.001)
% Votes for Gov. Murphy, 2021		–0.002***	0.104***	–0.006***	–0.009***
		(0.001)	(0.001)	(0.001)	(0.001)
Parcel characteristics
Structure is 10–19 years old		0.150***	0.150***	0.150***	0.150***
		(0.022)	(0.022)	(0.022)	(0.022)
Structure is 20–29 years old		0.110***	0.110***	0.110***	0.110***
		(0.023)	(0.023)	(0.023)	(0.023)
Structure is 30–39 years old		0.012	0.012	0.013	0.013
		(0.023)	(0.023)	(0.023)	(0.023)
Structure is 40–49 years old		–0.042*	–0.042*	–0.042*	–0.042*
		(0.024)	(0.024)	(0.024)	(0.024)
Structure is 50 years or older		–0.054**	–0.054**	–0.054**	–0.054**
		(0.022)	(0.022)	(0.022)	(0.022)
Structure age is missing		–0.109	–0.112	–0.111	–0.109
		(0.068)	(0.070)	(0.070)	(0.068)
Log of square foot of parcel		0.096***	0.096***	0.096***	0.096***
		(0.005)	(0.005)	(0.005)	(0.005)
Log of square foot of structure		0.560***	0.562***	0.561***	0.561***
		(0.012)	(0.012)	(0.012)	(0.012)
Controls for
Municipality FEs	√	√		√	√
Month FEs	√	√	√	√	√
Year FEs	√	√		√	√
Municipality-year FEs			√
Linear municipality trends				√
Quadratic municipality trends					√
Adjusted R-squared	0.549	0.826	0.830	0.828	0.828
Observations	338,304	338,304	338,304	338,304	338,304

Clustered-robust standard errors at the municipality level are in parentheses. The unit of analysis is at the parcel-level. All regression models include all parcels with home sale prices between the 1st and 99th percentiles. Structure is less than 10 years old is the omitted group. The municipality revitalization index (MRI) is a continuous variable created by the NJ Department of Community Affairs that measures the socioeconomic status of the municipality. The higher the value for the MRI implies that municipality if relatively more affluent compared to municipalities with a lower value for the MRI.
p<0.1,
p<0.05,
p<0.01.
OLS, ordinary least squares; FE, fixed effect.