Dallas is one of the best cities in the country to save and make money on a fixer-upper, a new report from StorageCafe found.
The company examined 70,000 active listings in 50 of the most populous cities in the U.S., then compared the median list price for a turnkey home and the median list price for homes categorized as fixer-uppers. Fixer-uppers were designated by listing terminology, such as “as is” or “good bones” or needs “TLC” (tender loving care).
The cities with the greatest difference in median prices for turnkey homes and fixer-upper homes offer the highest potential to save money on a fixer-upper property.
Dallas ranked No. 3 on that list. The turnkey median price is $500,000 and the fixer-upper median price is $283,000.
“About 12% of active listings in Dallas are TLC homes, giving you plenty of options if you’re looking for a gem to polish,” the report said. “Although fixer-uppers are smaller than turnkey homes in Dallas — 1,400 square feet versus 2,014 square feet — they’re generally sitting on bigger lots. You get close to 8,000 square feet in your fixer backyard, an additional 360 square feet of yard space compared to the lot size of a standard home.”
The top 10 cities for fixer-upper savings were, in order: Los Angeles; Kansas City; Dallas; Chicago; Bakersfield, California; Corpus Christi, Texas; Tulsa, Oklahoma; Fresno, California; Omaha, Nebraska; and Colorado Springs, Colorado.