The U.S. housing market continues to be a little crazy. And buying a fully updated home can be out of the question for many people. First-time and experienced buyers may see the benefit of a fixer-upper. It can be a good investment as purchasing a home that needs extensive remodeling can get you a good price. But how good that return on investment depends a lot on where you’re looking to buy. If you’re looking to purchase a home in North Carolina, you’ll be glad to know one NC city did rank as one of the best to buy a fixer-upper! The study was conducted by StorageCafe!
Though I must relay a story for a word of caution. Just because you’ve watched HGTV and think you can doesn’t mean you should take this on by yourself. A good friend of mine just had her entire bathroom vanity detach from the wall after the previous owner did their own renovations. For long-lasting and quality renovations you should make sure to consult the experts. That slightly increased cost can save you in the long run!
What Makes Raleigh North Carolina such a great place to buy a fixer-upper:
- Fixer-uppers in Raleigh represent 4% of the existing homes for sale.
- The fixer-upper discount represents about 28% of the listing price, a more than hefty saving.
- In fact, buying a fixer-upper shaves approx. $137K off the price of a turnkey home here.
- In line with national trends, fixer-uppers are smaller than standard homes, but outdoor space makes up for it. Median lot sizes in Raleigh are an impressive 56% larger for fixer-uppers than for turnkey listings, translating to about 21,780 sq. ft. of space.
To come up with this list StorageCafe used 11 key indicators of fixer-upper market potential. Their ranking metrics rank from median purchase price to fixer-upper inventory and discounts, median home space, and lot size for a fixer-upper as compared to a regular home.
You can read their full analysis here or read on for the top 15 cities to purchase a fixer-upper.
1. Milwaukee, WI
Fixer Upper Listing Pric3: $79,900
Fixer Upper Discount: -59.0%
Fixer Upper Share of Home Stock: 12%
2. Philadelphia, PA
Fixer Upper Listing Price: $145,000
Fixer Upper Discount: -51.7%
Fixer Upper Share of Home Stock: 26%
3. Detroit
Fixer Upper Listing Price: $59,900
Fixer Upper Discount: -47.95%
Fixer Upper Share of Home Stock: 22%
4. Memphis
Fixer Upper Listing Price: $109,900
Fixer Upper Discount: -44.5%
Fixer Upper Share of Home Stock: 18%
5. Baltimore
Fixer Upper Listing Price: $107,500
Fixer Upper Discount: -48.8%
Fixer Upper Share of Home Stock: 25%
6. Jacksonville, FL
Fixer Upper Listing Price: $199,900
Fixer Upper Discount: -43.8%
Fixer Upper Share of Home Stock: 10%
7. Dallas, TX
Fixer Upper Listing Price: $325,000
Fixer Upper Discount: -44.4%
Fixer Upper Share of Home Stock: 9%
8. Louisville, KY
Fixer Upper Listing Price: $170,000
Fixer Upper Discount: -47.7%
Fixer Upper Share of Home Stock: 7%
9. Miami
Fixer Upper Listing Price: $450,000
Fixer Upper Discount: -38.8%
Fixer Upper Share of Home Stock: 9%
10. Fresno, CA
Fixer Upper Listing Price: $289,839
Fixer Upper Discount: -34.9%
Fixer Upper Share of Home Stock: 5%
11. Raleigh, NC
Fixer Upper Listing Price: $350,000
Fixer Upper Discount: -28.1%
Fixer Upper Share of Home Stock: 4%
12. Oakland, CA
Fixer Upper Listing Price: $564,499
Fixer Upper Discount: -37.2%
Fixer Upper Share of Home Stock: 5%
13. Kansas City, MO
Fixer Upper Listing Price: $155,000
Fixer Upper Discount: -60.2%
Fixer Upper Share of Home Stock: 7%
14. Atlanta, GA
Fixer Upper Listing Price: $249,450
Fixer Upper Discount: -54.6%
Fixer Upper Share of Home Stock: 8%
15. Indianapolis, IN
Fixer Upper Listing Price: $190,000
Fixer Upper Discount: -29.6%
Fixer Upper Share of Home Stock: 7%
