It’s a good time to be flipping homes, especially in a few big cities. In a study conducted by Redfin, flips brought $102,400, on average, in sale price over the original purchase price of homes turned over. That’s better than the average of $98,500 per flip in 2014, and well above the $90,900 that flippers were getting during the last housing boom. Overall flipping activity across the country is on the decline, likely because the housing crisis that made many homes available for flipping, is waning, or over. The analysts estimated 43,000 homes were flipped in 28 Redfin markets last year, nowhere near the peak year volume of 2005, which saw 95,000 homes flipped. The most lucrative flipping deals were had in Washington, DC, and Los Angeles. DC had the most lucrative neighborhood for flipping - Petworth - and the San Francisco metro had the highest average gain per flip, at $216,000. Redfin also released a ranking of the country’s 10 hottest neighborhoods for fl...
- A new Redfin analysis counted price gains for flipping in individual neighborhoods, and in overall metros in the 28 cities where Redfin has agents.
- Washington, DC, and LA had the best individual neighborhoods, and San Francisco had the best overall gain for a metro.
- Philadelphia, Chicago and Baltimore flippers realized the best percentage gain in price for flipping.
The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017