Which Texas city is a haven for fixer-uppers? If you replied, Waco, you’ve been watching the Magnolia Network or HGTV too much.
Dallas is the No. 1 spot in Texas to buy a fixer-upper.
RentCafé researched the nation’s 50 biggest cities and ranked Dallas seventh in its latest study. RentCafé used 11 key indicators of fixer-upper market potential and crunched the numbers.
Here's the data that should bring out the sledge-hammer-wielding Chip Gaines in all of us:
- Fixer-uppers in Dallas represent about 9 percent of the existing homes for sale.
- The fixer-upper discount represents about 44 percent of the listing price, a more than hefty saving, as compared to Austin (ranked 49th) where fixer-uppers are priced 13 percent lower than typical homes.
- Buying a fixer-upper can shave approximately $260,000 off the price of a turnkey home in Dallas.
In line with national trends, fixer-uppers are 24 percent smaller than standard homes in Dallas.
“With median home prices skyrocketing in Dallas – currently at $585K – a fixer-upper can seem the best solution to climbing the homeownership ladder,” according to the RentCafé study.
Challenged by the hot market, homebuyers might find that buying a home needing extensive remodeling can fetch a handsome discount, but it depends a lot on where you're looking to buy.
Dallas was just ahead of Houston when it came to best cash savings. California cities Los Angeles, San Diego, San Francisco, and Georgia held the top four spots in the category.
Detroit was the cheapest at $59,900 to gain a fixer-upper. San Jose was the most expensive at $1,299,499.
According to RentCafé, fixer-uppers are 32 percent cheaper on average than standard homes ($307K vs. $448K), resulting in median savings of $155K.
What is RentCafé? It’s a nationwide apartment search website and a part of Yardi Matrix.
Report review: To determine the best cities for fixer-uppers, RentCafé turned to Point2, its sister division and real estate listing platform. RentCafé sifted through its for-sale listings inventory in the nation's 50 biggest cities. It’s a three-bunny rabbit hole. 🐇 🐇 🐇
