Denver fixer-upper homes sell for 25% less than typical listings
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A realtor inspects a damage home in Denver's Green Valley Ranch neighborhood. Photo: Helen H. Richardson/The Denver Post via Getty Images
Fixer-uppers are back.
Why it matters: For first-time buyers, these smaller, older homes in need of renovation can offer a cheaper way into the market. For flippers, they're a chance to profit.
By the numbers: About 3% of metro Denver homes on the market could use some TLC — and they're going for noticeably less than typical turnkey homes, per recent Realtor.com data.
- The median fixer-upper in metro Denver was priced at $532,450 as of July, nearly 25% less than the $699,000 median for all single-family homes, according to the real estate site's analysis.
Yes, but: Those savings come with a catch. Renovations and unpredictable costs can quickly add up.
😳 Case in point: One new listing for $410,000 in Denver's Harvey Park neighborhood promises "huge potential" — if you don't mind splurging to clear out the meth contamination and mountains of junk that come with the house.
The big picture: Interest in fixer-uppers nationwide is up from four years ago, when mortgage rates were lower and houses were more affordable.
- Keyword searches for "fixer-upper" have more than tripled since 2021, even as the number of those listings has dipped, per Realtor.com.
Go deeper: The hot homebuying search: fixer-uppers