abstract This article explores the relationship between historic preservation district designation and property values. It contributes to an understanding of the impact of historic preservation in two important ways. First, it offers additional empirical evidence of the impact of restoration on property values; it finds a significant difference exists between restored properties and other residential properties in historic preservation districts. Second, the research uses geographic information systems to define demographic data unique to each observation. This is in contrast to the use of data aggregated by, for example, block group or census tract.