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The estimated price effects are small relative to the overall price of a home, but are in line with previous estimates. Any negative elasticity estimates beyond 1,000 m are statistically insignificant. A similar elasticity is estimated for the 500–1,000 m bin. For the homes in this distance bin, which have an average price of $1,001,651, this translates to an average decrease in home value of $1,583. The SAC 1 results suggest homes within 500 meters (m.) of the Sound are affected the most, experiencing an average decrease in price of 0.16% for a 10% increase in enterococci. The SAC is a general spatial model, which includes a spatiotemporal lag of neighboring house prices as a means to account for spatially correlated omitted variables and FE is a municipality-by-year fixed-effects model. Model 1 has two variants (SAC and FE) which follow the conventional approach in the literature and link homes to the water quality measures at the closest monitoring site. For the suburban area of the city of Bari, the model obtained does not include the noise pollution factor, showing a lower (scarce) importance of the environmental factor among the buyer and seller bargaining phases.
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From the comparison of the results obtained for each area, the outputs confirm the expected phenomena in terms of a decrease of noise component influence on residential prices from the central area to the peripheral. The implementation of an econometric technique was used to obtain four different models (one for each municipal area of the city of Bari) able to explain the specific impact of noise pollution level on selling prices. For each area, a study sample constituted by two hundred residential properties sold in 2017–2019 was detected for the identification of the main influential factors on prices and the investigation of the contribution of noise on them. The present research aims to analyze the functional relationships between noise pollution and selling prices in four municipal areas of the city of Bari (Southern Italy). The real estate market is highly sensitive to noise factor and the residential prices can be strongly influenced by a high acoustic pollution rate. Thus, the noise pollution issue plays a significant role in public urban policies aimed at increasing the acoustic comfort level and creating more sustainable and comfortable cities. Among environmental factors, noise represents one of the most relevant determinants on human health and on the urban quality level and, consequently, on real estate values.