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Racial Housing Price Differentials and Neighborhood Segregation
We report evidence from the largest study of racial price differentials in the U.S. housing market, using a panel of 40 million repeat-sales transactions. We find that price premiums facing Black and Hispanic homebuyers are ubiquitous and systematically higher in neighborhoods with a larger share of non-white residents. We find that non-white buyers purchase at a premium when buying from sellers from outside their group. Consistent with predictions from theoretical models, we find higher premiums in supply-constrained markets. Leveraging exogenous variation in racial segregation, we find that racial segregation leads to larger price premiums paid by Black homebuyers.
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