Zillow Group Inc Z

New data from Zillow and Thumbtack shows sellers can boost interest among buyers with these relatively affordable upgrades

SAN FRANCISCO, July 23, 2024 /PRNewswire/ -- Today, Thumbtack and Zillow® are revealing the top no-demo renovation home projects that can result in more attention from buyers. Many homeowners are not able to take on the stress or the cost of large renovations, especially with inflation and the cost of homeownership at an all-time high. Fortunately, certain features that are proven to be highly desirable in today's market don't require knocking down walls or a big budget. Thumbtack data finds these projects cost less than $5,000 on average nationwide. 

This research combines an average nationwide cost analysis based on millions of projects on Thumbtack with Zillow data on home features that boost daily saves and shares on the real estate platform. A strong indicator of how excited buyers are about a home is how frequently they save a home on Zillow or share it with a shopping partner. More saves and shares signal that a home is in high demand. The top 10 list also indicates how much more popular some of these projects have become among homeowners on Thumbtack compared to a year ago.  

Top 10 no-demo reno projects of 2024

1. Window box: This rectangular container for flowers, plants or herbs is installed outside, just below the window sill, adding color and curb appeal to a home. Homes with a window box can get 48% more saves and 52% more shares per day on Zillow compared to similar homes without this feature. The average national cost is $100–$150 for professional installation and $15–$900 for materials, depending on the types purchased. 
2. Open shelving: Open shelving allows homeowners to display meaningful and beautiful objects without introducing bulky furniture. Homes with open shelving can get an additional 37% more saves and 45% more shares per day on Zillow. The average national cost is $275 for professional installation, without the cost of shelves. According to Thumbtack data, closet system and shelving installations are up 31.5% year over year, indicating that homeowners are leaning into this trend. 
3. Painted brick: Homes with painted brick can get 31% more saves and 39% more shares per day on Zillow compared to similar homes. The average national cost is typically around $1.85–$3.03 per square foot, and the national average for the entire job is $4,600–$7,600, including labor, material and equipment. 
4. Vintage touches and finishes: Homes with vintage features not only have charm and character, but they can get 28% more saves and 31% more shares per day on Zillow compared to similar homes. The pricing for vintage decor and features varies dramatically, but homeowners can find great vintage pieces and accessories for less than $100. One example is vintage crown molding, which costs $2–$50 per linear foot, depending on the material, and can make your ceilings look higher while adding architectural interest. It can also conceal imperfections at the junctions of walls and ceilings. 
5. Outdoor TV: One of summer's hottest features, homes with an outdoor TV can receive 28% more saves and 26% more shares per day than expected on Zillow. The average national cost is $175–$300, though costs could increase depending on electrical capabilities and weatherproofing. Outdoor TV installations are up 12.7% year over year, according to Thumbtack data. 
6. Picket fence: A white picket fence is a classic feature that buyers never tire of. Homes that have one can get 27% more saves and 31% more shares per day on Zillow compared to homes that don't. The average national cost to install a picket fence is $7–$45 per linear foot. Recently, a Thumbtack study found that more than one-third (39%) of homeowners said their dream yard would have a fenced-in space for pets. 
7. Pergola: As people spend more time in their yards and temperatures hit record highs, buyers are prioritizing solutions that offer shade. Pergolas are structures either freestanding or attached to a home that create shaded outdoor living space. Homes with a pergola can get 20% more saves and 24% more shares per day on Zillow compared to similar homes. The average national cost is $3,600 for a 10-by-10-foot pergola, including labor and materials. 
8. Fire pit: Summer nights filled with s'mores and stargazing require a fire pit. Homes that have one can get 19% more saves and 23% more shares per day on Zillow. The average national cost is a couple hundred dollars depending on the kit purchased. This is a DIY-friendly project, as materials are accessible at any local hardware store. 
9. Outdoor sound system: Homes with an outdoor sound system can get 18% more saves and 19% more shares per day on Zillow compared to similar homes. The average national cost is $500–$2,000, depending on the type and quality of the system. Thumbtack recommends bundling this project with the installation of an outdoor TV to save some time and money, as the same pro will be able to set up your outdoor sound system in tandem with the TV. 
10. Smart lighting: Smart-home installations are up 21.8% year over year, according to Thumbtack data, and smart lighting is a huge part of this increase. Plus, homes with smart lighting can get 18% more saves and 23% more shares per day on Zillow. The average national cost is $308 for installation.  

"Certain low-lift projects can deliver a high payoff because they elevate a home in the mind of a buyer," said Amanda Pendleton, Zillow's home trends expert. "These features bring a wow factor to a home or they serve as a signal that a home is up-to-date, well-maintained or move-in ready. When it's time to sell, these features may ultimately help a home sell faster or for more money, because there will likely be more competition for that home among buyers." 

"This data can reassure homeowners that they don't need to undergo a massive renovation to make a big impact on a home and increase buyer appeal," said Morgan Olsen, Thumbtack's design expert. "Whether it's a DIY project or pro-worthy, these small changes can make a significant transformation." 

Methodology:

The analysis used listing data from 3.9 million homes listed for sale on Zillow between June 2023 and May 2024 for which complete data was available. Economists then looked for the presence or absence of 265 features mentioned in the listing descriptions. This analysis used multiple regression, comparing home views, saves and shares during their active listing period against their home type, region, listing month, pre-listing Zestimate®, price per square foot and ratio of list price to Zestimate. For more information on methodology, please contact press@zillow.com.

No-demo renovation projects are low-budget projects (less than $5,000) that can improve your home without any demolition. All year-over-year comparison data is based on findings from Thumbtack projects during January 2023–April 2024. Pricing data is based on national average cost estimates and ranges using data provided either by Thumbtack pros or from external research; real prices may vary based on city and supply. Consult a pro for accurate pricing information.

About Zillow Group

Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences. 

Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®. 

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 20234 MFTB Holdco, Inc., a Zillow affiliate.

About Thumbtack

We're Thumbtack, a technology company helping millions of people confidently care for and improve their homes. Our homeowners get personalized guidance on what to do and when to do it as well as who to hire from our growing community of 300,000 local service businesses. Every day in every county of the U.S., people turn to Thumbtack to complete small fixes, routine maintenance, and major improvements. With over 10 million 5-star projects and counting, we empower homeowners to take control and local businesses to grow. Accomplish more with Thumbtack.

View original content to download multimedia:https://www.prnewswire.com/news-releases/top-10-no-demo-renovation-projects-of-2024-302201362.html

SOURCE Zillow Group, Inc.