Last Updated on January 11, 2024
With more and more homeowners opting to stay in their homes longer, the home renovation craze is predicted to continue well into 2024. Houzz recently released the 2023 Home Renovation Trend Report, showing how homeowners are choosing to spend their money as they update their home. Here are 5 of the most interesting points to come out of the recent study.
Homeowners are renovating their homes so they can stay
Down significantly from 2018, when 12 percent of homeowners took on a renovation project with the desire to sell their home soon, the latest study shows only a mere 6 percent of homeowners have plans to renovate before they sell.
What’s more, a whopping 61% of homeowners who have recently completed renovations plan to stay put at least 11 years or longer.
The majority of homeowners improved their home in some way in 2023
At least 55% of homeowners renovated their home in 2023, with medium spending falling around $15,000 for small-scale projects and $85,000 for higher-budget projects.
Outdoor renovations take a back seat to interior projects
During the pandemic, outdoor renovations dominated the majority of the projects homeowners took on. Now, interest is turning back to the interior, with most homeowners deciding to invest in interior remodels and home system upgrades.
Kitchens and bathrooms are the most popular rooms to renovate
No surprise here; kitchens and baths remain the most popular rooms to renovate. And now, as more and more homeowners elect to remodel and stay in their home for quite some time, project scope and spend in these rooms continue to escalate. The latest report shows that 30% of all kitchen remodels in the last year included an addition, with the median spend coming in at upwards of $55,000.
Twenty-five percent of all primary bathroom renovations included an addition, and the latest report shows the median spend for large bathroom remodels was $25,000.
Homeowners spent money on necessary system upgrades
With the median age of a home in the U.S. staring down 40 years old, homeowners will continue to spend more and more on important system upgrades. The latest study shows 30% of homeowners upgraded plumbing and 24% upgraded electrical systems. The bulk of the spend on system upgrades was from updating heating and cooling systems, with the median spend around $5,500.
If this list of remodeling trends inspires you to renovate your own home, sign up for a free home physical! Our real estate experts can walk you through your project and discuss ROI when it comes time to sell.
