This study examines the Department of Defense Base Realignment and Closure (BRAC) process as it relates to real estate prices in the communities surrounding the bases marked for closure and realignment. I examine the history of the BRAC process, detail the bases that have been marked for realignment and closure over the five "rounds" of the BRAC process to date (1988, 1991, 1993, 1995, 2005), and present a model that tests the hypothesis that BRAC closure announcements are correlated with the value of real estate in the local communities surrounding the bases marked for closure. I find that there is a strong and statistically significant correlation between the BRAC process, particularly the series of announcements that occur within the BRAC timeline, and the value of real estate in the local communities affected by the BRAC process. I also discuss policy implications of these findings for the Department of Defense, as well as future research areas and opportunities that have arisen as a result of this study.