Just a note, citing Duncombe & Yinger How Does School District Consolidation Affect Property Values?
A Case Study of New York (38 page PDF) from August 2012:
Plausible, at least as part of the explanation.
This paper explores the impact of school district consolidation on house values using a sample of house sales in New York State from 2000 to 2010. During this period, three sets of districts consolidated. ... the impacts of consolidation on house values are more negative in high-income census tracts, where parents may have a relatively large willingness to pay for the access to teachers and other non-budgetary advantages of small districts.
Plausible, at least as part of the explanation.
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