What's Happening?
Realtor.com has observed a significant increase in interest for fixer-upper homes, which are receiving 52% more page views compared to other affordable homes. These properties, marketed at a median price of $200,000, offer a 54% discount compared to the median price for all single-family homes. The trend is driven by buyers seeking affordable entry points into the housing market amid rising home prices and mortgage rates. The report highlights several U.S. cities where fixer-uppers are particularly popular, including St. Louis, Detroit, and Jackson, Mississippi.
Why It's Important?
The growing interest in fixer-upper homes reflects a shift in buyer behavior as affordability challenges persist in the housing market. These properties offer a viable solution for buyers looking to invest in real estate without the high costs associated with move-in-ready homes. For sellers, marketing homes as fixer-uppers can attract more interest and potentially lead to quicker sales. This trend could influence housing market dynamics, encouraging more buyers to consider renovation projects as a path to homeownership.
