Home flipping, defined as the practice of buying and selling the same home within a 12-month period, reached its highest level in 10-years according to a report by ATTOM Data Solutions. The report showed that 193,009 single family homes and condos were flipped in 2016, up 3.1% from 2015. Overall, home flipping accounted for 5.7% of all single family and condo sales in 2016, up from 5.5% in 2015, but still significantly lower than 8.2% of sales in 2005.
The national median price of a flipped home in 2016 is $189,900, returning a profit of $62,624, or 49.2%.
Highest Home Flipping Returns in Dollar Terms
Among 117 metropolitan areas, 11 had an average gross flipping profit of over $100K.
- San Jose, CA: $145,750;
- Boston, MA: $140,000;
- San Francisco, CA: $140,000;
- New York, NY: $127,250;
- Los Angeles, CA: $127,000;
- San Diego, CA: $111,000;
- Oxnard-Thousand Oaks-Ventura, CA: $105,000;
- Seattle, WA: $102,000;
- Vallejo-Fairfield, CA: $101,000;
- Baltimore, MD: $100,500; and
- Washington, D.C.: $100,000
Highest Home Flipping ROI’s
Among 117 metropolitan areas, 6 had an average gross flipping ROI over 100%.
- East Stroudsburg, PA: 241.5%;
- Pittsburgh, PA: 130%;
- Cleveland, OH: 116.2%;
- Philadelphia, PA: 107.1%;
- Toledo, OH: 102%; and
- New Orleans, LA: 101.2%