article thumbnail

Home Improvement Spending Surges

Appraisal Buzz

American homeowners poured $827 billion into home improvement projects during the two-year period ending in 2023, according to the latest U.S. Census Bureau American Housing Survey. Rising Costs and Project Trends From 2021 to 2023, the average cost of a home improvement project rose from $4,800 to $6,200.

article thumbnail

What Home Depot’s earnings mean for the future of the housing market

Housing Wire

Home Depot raised its fiscal outlook after strong third-quarter 2024 sales, driven by demand for seasonal goods and hurricane preparation in the Southeast. The world’s largest home improvement retailer and fourth-largest U.S. retailer by market capitalization reported $40.2 billion in sales for the quarter ending Oct.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Real estate investors say they’ll expand portfolios, make home improvements in 2025

Housing Wire

real estate investors are planning to grow their portfolios and invest significantly in property improvements in 2025, according to a new survey from property management software provider RentRedi. A majority of U.S. he survey, conducted during a two-week period in November 2024, found that 59% of U.S.

article thumbnail

What Home Depot’s Q4 earnings say about the 2025 housing market

Housing Wire

Home Depot is expects same-store sales in 2025 to be just 1.0% better than this past year, an indication that the housing market will remain slow. In the near term, the company isnt expecting to see meaningful changes to interest rates, housing turnover or the macroeconomic environment.

article thumbnail

Top 5 home improvement projects real estate agents should recommend to sellers

Housing Wire

We’ve all witnessed the housing market slowdown that has occurred over the last year. Across the country, homes are spending more days on the market as interest rates rise. Basic listing prep: 297% ROI Normal wear-and-tear is expected, but makes a home look lived-in.

article thumbnail

Younger generations are more likely to pursue home renovations this year

Housing Wire

As high home prices continue to impact the market, many homeowners are deciding to stay put in their homes. But most still have plans to purse home renovations and younger generations are leading this new focus on home improvement. But renovation plans remained top of mind for most of them.

article thumbnail

Most prospective buyers want turnkey homes, despite higher prices

Housing Wire

In a challenging and expensive housing market , some prospective homebuyers may compromise on certain standards and features to secure their purchase. This finding likely stems from an increase in renovation costs over the past three years, forcing some buyers to pursue costly financing sources to improve their homes.

Buyers 418