Invasive species is a growing problem in the United States and globally. The outbreaks of terrestrial and aquatic invasive species could result in significant environmental and economics losses. Using 988191 residential housing transaction records surrounding affected waterbodies in the New York State, this thesis investigates whether and to what extent the outbreaks of aquatic invasive species in fresh waterbodies are capitalized into the prices of nearby residential homes. In particular, we rely on a hedonic property value model to examine whether aquatic invasive species outbreaks reduce the amenity value of proximity to waterbody. Using a generalized difference-in-differences model that compare houses within 0.1km of affected waterbodies and those farther away, we did not find evidence that aquatic invasive species outbreaks statistically impacted the housing prices. We also compare the waterfront residential housing prices in Seneca Lake - with significant aquatic invasive species presence and waterfront houses in unaffected Cayuga Lake, and the finding of insignificant housing price impact remain intact.