Instead of searching through tight sales inventories for the home of their dreams, consumers are turning to the remodeling process in an effort to create their dream homes
It’s broken record time; home prices around the country are rising and the inventory for available homes remains very tight. No news on that front. But these higher home prices and tight inventories are making the idea of remodeling a home someone already lives in a much more appealing prospect. According to BuildFax, residential remodeling increased by 9 percent nationwide between December 2014 and December 2015. Since 2010, it has increased by 40 percent.
Beyond the nationwide averages, BuildFax used building permit information from its database of construction records for the 100 largest cities by population and found the top 20 metros with the most remodeling projects per household. Unlike many lists relating to housing, there isn’t really one area of the country where a majority of these cities are clustered. Instead, they are stippled all across the country.
The number one city on the list was Colorado Springs, Colo. With a whopping 14.7 percent of homes undergoing some type of remodeling in 2015. Not far behind was Orlando, with 12 percent of homes being remodeled. The most common types of work for each of these cities were electrical, mechanical, and roof.
Minneapolis, Tampa, Madison, Sacramento, Winston-Salem, and Fremont were also all on the list. An interesting note about Sacramento and Fremont is that they were the only two cities on the list where ‘solar’ was included as the most common types of work done. In Sacramento, residential solar activity has increased by over 320 percent in the last three years.
To see the full list, click the link below.