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Home Flipping Returns Rise In Two-thirds of Markets
Dated: December 22 2020
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Investors sell for at least double their purchase price in 14 markets.
Median resale prices on home flips in the third quarter of 2020 were at least twice the median investor purchase prices compared to a year earlier in 14 of the 159 metro areas with enough data to analyze (8.8%), said Todd Teta, chief product officer at ATTOM Data Solutions
Homes flipped in the third quarter of 2020 were sold for a median price of $240,000, with a gross flipping profit of $73,766 above the median investor purchase price of $166,234. That gross-profit figure was up from $69,000 in the second quarter of 2020 and from $61,800 in the third quarter of last year.
Home flipping profit margins increased from the third quarter of 2019 to the third quarter of 2020 in 104 of the 159 metro areas with enough data to analyze (65.4%). Markets with the biggest gains included Brownsville, TX (return on investment up 182.9%); Austin, TX (up 176.4%); Waco, TX (up 157.4%); Springfield, MO (up 145.3%) and Savannah, GA (up 143.6%).
Average time to flip nationwide rises to 192 days
Home flippers who sold homes in the third quarter of 2020 took an average of 192 days to complete the transactions – the highest level since the third quarter of 2003. The latest number is up from an average of 184 in the second quarter of 2020 and 176 days in the third quarter of last year.
(ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2020 U.S. Home Flipping Report showing that 57,155 single-family homes and condominiums in the United States were flipped in the third quarter of 2020.) FULL Report HERE
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