Cara Ameer<\/strong>, a real estate agent with\u00a0Coldwell Banker\u00a0who is licensed in\u00a0Florida\u00a0and\u00a0California, agrees, saying, “It\u2019s purely a gimmick designed for the property to go viral and garner a lot of attention and interest quickly.”<\/p>\n A home that is listed for $1 will get multiple offers over list price and will eventually be sold at the market value, adds\u00a0Kati Spaniak<\/strong>, a real estate agent with\u00a0eXp Realty\u00a0in\u00a0Northbrook, IL.<\/p>\n “While this might be a ‘scam’ in some people’s eyes, when a home is correctly marketed to the open market, you can\u2019t truly underprice it\u2014buyers will always set the price.”<\/p>\n Other times, $1 listings could signal a foreclosure or the\u00a0starting bids in auctions.<\/p>\n Caitlin Wardlow<\/strong>\u00a0of\u00a0Wardlow Auctions\u00a0recently listed a\u00a0Louisville property\u00a0for $1.<\/p>\n “It definitely gets people to look,” she tells Realtor.com. “We get a lot of calls and emails asking about it for sure, with a lot of inquiries like, ‘How can you sell something for $1? What is wrong with it?'”<\/p>\n But, a $1 home can also come with sky-high strings attached.<\/p>\n “I’ve listed homes for that cheap because we wanted someone to buy out the seller of their country club membership obligations,”\u00a0Palm Beach\u00a0real estate broker\u00a0Jeff Lichtenstein<\/strong>, CEO of\u00a0Echo Fine Properties,\u00a0tells Realtor.com. “It was very typical in the ‘Big Short’ market where membership cost of carry was so high and the home could only be sold if someone also bought the membership.”<\/p>\n You could also be on the hook for back property taxes, code violations, and other liens that the previous owners didn’t pay off, so you should always do your due diligence before submitting an offer.<\/p>\n Real estate expert\u00a0Sain Rhodes<\/strong>\u00a0at\u00a0Clever Offers\u00a0says, “I spent $2,500 on due diligence for a $1 property and uncovered $67,000 in unremedied code violations. You are not just buying a home; you are purchasing a debt obligation. That knowledge meant I didn’t buy it, so that $2,500 saved me from a $100,000 mistake.”<\/p>\n Other $1 homes are far from move-in ready, with repair costs frequently reaching\u00a0tens of thousands of dollars.<\/p>\n “Most of these houses are in very rough shape and look quite scary,”\u00a0Andrew Fortune<\/strong>, real estate agent and brokerage owner at\u00a0Great Colorado Homes tells Realtor.com. “I have seen floors that have completely rotted through to the dirt, and local codes might even say the house is too dangerous to enter. You will likely spend more money on repairs than the house is worth, so it’s usually cheaper to knock it down and start over from scratch.”<\/p>\n Rhodes says she once evaluated a $1 home with foundation settling, roof damage, and outdated systems in nearly all areas.<\/p>\n “The 47-page inspection report was a testament to the extent of the damage\u2014which a contractor said would cost $180,000 to fix,” she recalls, adding that was a definite deal-breaker.<\/p>\n A $1 home could also be a scam, warns\u00a0Minnesota\u00a0real estate investor\u00a0Marisa Simonetti.<\/strong><\/p>\n “There are many fee advance frauds out there\u2014where criminals list stolen pictures and demand money upfront for nonexistent properties\u2014and they increase around the holidays,” she says. “Always be sure to work with a reputable title company to protect yourself.”<\/p>\n These bargain-basement deals crop up more often in some areas than others.<\/p>\n Realtor.com economists recently identified the 10 metros with the highest number of $1 homes for sale.<\/p>\n Median list price:\u00a0<\/strong>$627,500<\/p>\n Number of $1 homes for sale in November 2025:<\/strong>\u00a038<\/p>\n Median list price:\u00a0<\/strong>$309,900<\/p>\n Number of $1 homes for sale in November 2025:<\/strong>\u00a034<\/p>\n Median list price:\u00a0<\/strong>$249,900<\/p>\n Number of $1 homes for sale in November 2025:<\/strong>\u00a028<\/p>\n Median list price:\u00a0<\/strong>$291,900<\/p>\n Number of $1 homes for sale in November 2025:<\/strong>\u00a020<\/p>\n Median list price:\u00a0<\/strong>$269,900<\/p>\n Number of $1 homes for sale in November 2025:<\/strong>\u00a017<\/p>\n Median list price:\u00a0<\/strong>$279,900<\/p>\n Number of $1 homes for sale in November 2025:<\/strong>\u00a014<\/p>\nTop 10 metros with the most $1 homes<\/h2>\n
Wenatchee-East Wenatchee, WA<\/h2>\n
Louisville\/Jefferson County, KY-IN<\/h2>\n
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Dayton-Kettering-Beavercreek, OH<\/h2>\n
St. Louis, MO-IL<\/h2>\n
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Fort Smith, AR-OK<\/h2>\n
Gadsden, AL<\/h2>\n