1 in 4 Homes in Baltimore is a Fixer-Upper

Study Shows That Baltimore Area Residents Can Save as Much as 43% on TLC Homes

BALTIMORE — Do you have the skills, time, and team to undertake a fixer-upper project? If so, investing in a historical row house with good bones in Charm City may result in significant savings.

Amid skyrocketing house prices and mortgage rates, people are seeking alternative avenues for homeownership, with fixer-uppers emerging as a route worth exploring. Baltimore stands out as an appealing choice for house hunters, ranking 8th among the best cities for purchasing fixer-uppers.

To help prospective buyers navigate this landscape, StorageCafe analyzed over 70K active listings* in the 50 most populous cities. We ranked these places by comparing asking prices for regular listings and fixer-upper properties, considering potential savings and available inventory. 

Here are a few key findings about Baltimore’s fixer market:

• • Fixer-uppers make up approximately 26% of the homes listed for sale in Baltimore, thanks to its large inventory of historic homes.
  • Baltimore homes needing TLC come with an attractive price tag of $135,000, shaving about 43­% off the median value of a turnkey home, which stands at $237,450. Average savings may amount to $102,000.

• Rehabbing costs are not negligible, however. Experts generally advise a thorough inspection of all homes. With home improvement loans in the Baltimore area averaging around $85,000, the investment might still be worth it as long as the potential returns outweigh the renovation expenses.

Here are the best cities for shopping for a fixer: https://www.storagecafe.com/blog/best-cities-to-buy-a-fixer-upper/.

*To determine the final ranking, we evaluated real estate listings for single-family homes, townhouses, duplexes, and triplexes in the 50 most populous cities. Data was sourced from Point2, a sister division of StorageCafe and a real estate listing platform. The ranking was calculated as a weighted average, considering potential savings (the difference between regular listings and fixer-upper homes) and fixer-home inventory.