The median amount of money spent on home renovations fell 13% in 2019, from $15,000 to $13,000, according to a Houzz renovation survey.
Houzz credited the decline to a reduction in the average scope of projects compared with 2018.
“Following significant growth in home renovation activity over the past few years, we’re seeing the market settle somewhat in terms of scope and spend,” Houzz Senior Economist Marine Sargsyan said in a statement.
The survey was conducted prior to the COVID-19 pandemic. Houzz noted that between Jan. 2–March 5, 51% of homeowners on the site planned to continue or start renovations in 2020 at a median spend of $10,000.
“Subsequent surveys have shown that over half of homeowners who were in the midst of a project at the start of the pandemic were able to continue with renovations,” Sargsyan stated. “That said, some homeowners have opted to delay certain elective renovations due to implications related to social contact, labor and material availability and personal discretionary spending.”
Kitchens and guest bathrooms were the most popular rooms to renovate in 2019, making up 27% and 25% of renovation projects, respectively.
The full Houzz renovation report can be found here.
