The extraction of natural gas from shale has increased rapidly over the past decade, with measurable impacts on the economy and the environment. Using data from across Pennsylvania and an array of empirical techniques to control for confounding factors, we recover hedonic estimates of property value impacts that vary with geographic scale and water source. Results indicate negative impacts of shale gas development on nearby groundwater-dependent homes, while piped-water homes are positively impacted by close proximity (suggesting an impact of lease payments). At a broader geographic scale, we find evidence of a boom-bust cycle due to shale gas development. Joint with Lucija Muehlenbachs and Elisheba Spiller.