Even fixer-uppers are pricey on Salt Lake's housing market
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People looking to buy a home in the Salt Lake metro area can expect about a 21% discount for a fixer-upper, according to a Realtor.com report released last month.
Why it matters: Smaller, older homes in need of work have long offered first-time buyers a more affordable path to homeownership.
Yes, but: Even homes that need some work can be out of reach for many potential buyers amid Utah's housing crunch.
- Nationwide, properties listed as fixer-uppers are priced about 54% lower than the median single-family home, per Realtor.com.
By the numbers: About 3% of homes for sale in the Salt Lake metro fit that description, according to Realtor.com.
- Locally, the median price for such homes was $524,900 as of July — compared with $667,376 for all single-family homes.
The big picture: More U.S. homebuyers are chasing fixer-uppers than four years ago, when mortgage rates were lower and houses were more affordable, per Realtor.com.
State of play: Fixer-uppers tend to cluster in neighborhoods with older homes and minimal new development.
The fine print: Researchers define fixer-uppers as single-family homes for sale on Realtor.com that are at least 20 years old, listed at a price-per-square-foot below the median for their ZIP code, and marketed as needing repairs or updates.
Reality check: Clicking on a fixer-upper is easier than buying one.
- Inspections and repair issues are top reasons home sales are falling through at a record rate, Redfin research shows