People that want to renovate and flip a dilapidated house should look to Portland, Ore., Columbus, Ohio, or Providence, R.I. In each city, for every 1,000 homes listed for sale, 15 are considered fixer-uppers.
Zillow reports that fixer-uppers are on the rise. Due to the dearth of homebuilding in recent years, existing stock is now older, leading to more fixer-uppers. The site notes that there’s a strong relationship between the age of housing stocks and the frequency of fixer-upper listings.
Given this trend of older homes listing and transacting, we should expect to see the frequency of fixer-upper listings grow. We’ve already started to experience this trend. Across the largest 50 metros, the number of homes listed for sale overall dropped 10 percent between 2011 and 2015. But over the same time, the number of fixer-upper listings actually grew by 10 percent.
Sacramento leads the nation in fixer-uppers, as nearly 25 out of 1,000 listings can be classified as such.
