This paper examines the effects of Wal-Mart stores on single family residential property values from 1994 to 2004 in Colorado Springs, Colorado. Two Wal-Mart sites, which opened in 1993 and 1996, were chosen and data were gathered from the El Paso County Assessors Office. The study uses a hedonic pricing model to determine the effects not only on the market value differences over ten years, but also the change in market values from 1995 to 1997, which studies the pre-Wal-Mart effect for one of the sites. As a result, a property next door to Wal-Mart is not valued as high as a property one mile away. However, market values are not worth as much if they are located over one mile away. Therefore, a property is valued the highest just under one mile away.