LAS VEGAS (KLAS) — Las Vegas’ real estate mark is so hot, not even a fixer-upper can save you money.
This is according to the latest data from Porch.com. They looked at current real estate listings in 500 markets across the U.S. to determine where you might save the most buying a fixer-upper home.
Las Vegas is not one of them.
We ranked No. 5 for cities where fixer-uppers are discounted the least right now, coming in behind Boston, Mesa, Arizona, Riverside, California, and Phoenix.
The best place for fixer-uppers is Omaha, Nebraska, discounted at a whopping 62%. For comparison, the average fixer-upper discount nationally is 25%.
The average discount in Las Vegas is 3%.
“Because the national real estate market is at an all-time high, it seems to be trickling down to these homes that have been heavily discounted or reserved for those who couldn’t enter the housing market otherwise or really handy people or investors,” explained Jaclyn Lambert, spokesperson for Porch.com. “But now, it seems they’re almost competing at the same price as a move-in ready home, which is mind-boggling to me.”
Fixer-upper is defined as a home that can be lived in but needs some form of TLC or updating that would allow for it to be sold at a discounted price. This is a seller’s market, with people trying to get rid of their fixer-uppers asking for top dollar, even though the home may not be in the best shape.