The 2024 Cost vs. Value Report Proves ‘Curb Appeal’ Still Drives Highest Value for Home Improvement Projects

Apr 23, 2024

The 37th annual Cost vs. Value report is now live! Discover which home remodeling projects deliver the highest return on investment nationwide.

ROI never looked so good

Zonda has published the highly anticipated 37th annual Cost vs. Value (CVV) report detailing the most common home renovation projects across the nation ranked by return on investment (ROI) values. This year’s report upholds a multiyear trend establishing exterior home improvement projects as more valuable than larger interior projects. This year’s top three projects, which have been consistently ranked among the highest valued projects in years past, have remarkably high return values – with garage door replacement at 194% ROI, steel door replacement at 188%, and manufactured stone veneer at 153%.

“When it comes to adding resale value to a home, exterior replacement projects continue to make the most sense,” said Clay DeKorne, chief editor of Zonda’s JLC Group. “Discretionary projects like an upscale bathroom or kitchen remodel will feel valuable to those who make the selections but won’t provide nearly as much return to sellers.”

194% ROI
on garage door replacement

188% ROI
on steel door replacement

153% ROI
on manufactured stone veneer

A significant surge in ROI

This year’s report shows a significant surge in project values compared to last year. The top two projects—garage door and steel door replacements—have doubled in value since last year. These returns are the highest found in the history of the Cost vs. Value report, a result due to the unique nature of today’s housing market combined with higher mortgage rates, and high equity for current homeowners.

“This shift in CVV between categories is fascinating,” said Todd Tomalak, principal of Zonda’s Building Products Advisory. “It mirrors a broader underlying disconnect we are seeing between remodel segments in 2024, driven in part by differences in homebuyer activity.”

However, not all projects have gained value. Last year’s number one project, the HVAC conversion, held 104% ROI, but is now ranked number 12, with just 66% ROI, likely driven by consumers now observing large declines in natural gas heating costs vs. prior years.

To read the entire report, see the geographic cost vs. value averages, and get more information on the survey results, visit www.costvsvalue.com.

Top 10 projects

Rank	Remodeling Project	Job Cost	Value at Sale	Cost Recouped
1	Garage Door Replacement	$4,513	$8,751	194%
2	Entry Door Replacement \| Steel	$2,355	$4,430	188%
3	Manufactured Stone Veneer	$11,287	$17,291	153%
4	Grand Entrance Upscale \| Fiberglass	$11,353	$11,054	97%
5	Minor Kitchen Remodel	$27,492	$26,406	96%
6	Siding Replacement \| Fiber-cement	$20,619	$18,230	88%
7	Deck Addition \| Wood	$17,615	$14,596	83%
8	Siding Replacement \| Vinyl	$17,410	$13,957	80%
9	Bathroom Remodel Mid-Range	$25,251	$18,613	74%
10	Deck Addition \| Composite	$24,206	$16,498	68%

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Methodology

The Cost vs. Value Report seeks to answer the question, “What value does a particular remodeling project add to the sale price of a home?” This year’s results were determined in part through data collected from surveys of real estate professionals along with data delivered via Zonda’s collaboration with Verisk’s remodeling estimating solution, XactRemodel^®. The solution is powered by precise, local pricing data that is researched and vetted by Verisk’s pricing data team. The collaboration allows remodelers, homeowners, and real estate investors to quickly look up the average cost of 23 remodeling projects versus how much value those projects retain at resale. The data is available for 149 local U.S. markets.