This paper exploits the exogenous timing of mass shootings in schools to estimate the causal effects of school shootings on housing values and sheds light on the underlying mechanism. Using a difference-in-differences strategy, we find that house prices within a school district decline by seven percent after a school shooting, with stronger effects among houses with more bedrooms (proxy for school-age children in household). We also find evidence of a decrease in school enrollment and the number of teachers after the shooting. This suggests that decreased demand for schools within the affected school districts explains the drop in property prices
