Even San Diego's fixer-uppers are expensive
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Fixer-uppers are the hot new homebuying trend, but in San Diego, they still come at a high price.
Why it matters: For first-time buyers, these smaller, older homes in need of some TLC can offer cheaper entry into the market. For flippers, they're a chance to profit.
By the numbers: About 3% of homes for sale in the San Diego metro were fixer-uppers and the median price was $857,450 as of July, per a recent Realtor.com analysis.
- Still, that's about 27% less than the $1.17 million median price for all single-family homes locally.
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.
- Keyword searches for "fixer-upper" have more than tripled since 2021, even as those listings become a bit harder to find.
The bottom line: Fixer-uppers can stand out in a tough market, but don't forget to factor in renovation costs.