Homes with pools have become the target of buyer envy since the pandemic began. Pool additions are soaring, and more house hunters say they want one in their backyard, according to HomeLight’s “Top Agent Insights for Spring 2021” report.
Prior to the pandemic, many buyers were shunning properties with pools, which present maintenance issues and potential liability. The average pool can cost between $3,000 and $5,000 per year to maintain, according to HomeAdvisor data. Only 2% of REALTORS® in 2018 said that a pool helped to sell a home, according to data that year. But the pandemic has made Americans reevaluate their fondness for pools, which have become a mode of entertainment while sheltering at home. Pool sales have tripled in the last year.
Properties with an in-ground pool are selling for a premium, too. Real estate professionals surveyed by HomeLight estimate that prior to COVID-19, a house with a pool would net about $16,137 more than a similar house without one. But today, a house with a pool would sell for an estimated average of $27,199 more, industry experts say. However, the cost to install an in-ground pool—an average of $42,480 but upwards of $100,000 to $150,000 for an upscale version—is much more than its potential ROI.
Demand for pools is expected to continue being strong this spring and summer. Sixty-eight percent of real estate professionals say they expect a surge in pool additions in their markets. Pool mania isn’t happening only in warmer climates, though. In the Northeast, the additional value that a pool beings has increased by 113%, according to HomeLight’s report. A home with a pool in the Northeast prior to the pandemic fetched about $14,968 more than a house without one; now such homes would sell for an estimated $31,847 more, according to the report.
Receive All The Latest Real Estate News and Trends!
Source: “Top Agent Insights for Spring 2021,” HomeLight (2021)
"Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission."