The housing market is strained nationwide, leading to many prospective buyers putting their homeownership dreams on hold. According to a recent report by storagecafe.com, there might be a silver lining for potential Atlanta homebuyers.
Last week, the company reported Atlanta is in the 14th spot among America’s top 50 biggest cities when it comes to being the best place to purchase a fixer-upper. To come to that conclusion, Storage Safe analyzed 61,200 active single-family listings on several metrics — including prices, home sizes, lot sizes and more.
The company reported that, within the nation’s 50 biggest cities, fixer-uppers are 32% cheaper on average than standard homes. The median savings was found to be $155,000.
Milwaukee took home the top spot on their list, which Storage Cafe said contains enough fixer-upper homes for sale to account for 12% of the existing homes for sale — doubling the average total in most other cities within their study. The asking price for Milwaukee fixer-uppers average around $80,000, a whopping 59% lower than the average asking price for standard homes in the area.
Storage Cafe identified Atlanta as a “migration hotspot” and one of the hottest real estate markets in the country, where fixer-upper homes can net interested buyers up to $300,000 in savings. The company estimated that purchasing a fixer-upper in the Atlanta area would represent up to a 55% markdown from the median home price of $550,000.
Atlanta ranks in the top five spot for best cities by total cash savings, as well as the 14th spot for the nation’s overall largest cities. Potential homeowners can anticipate the average Atlanta fixer-upper to be 1,356 square feet with a 10,019 square foot lot size and a $249,450 asking price.