By Gene and Katie Hamilton
UPDATED February 28, 2019
A house or condo is "flipped" if it’s sold for the second time within a 12-month period.
ATTOM Data Solutions, curator of the nation’s premier property database, recently released its Q4 and Year-end 2018 U.S. Home Flipping Report, which shows that 207,957 U.S. single family homes and condos were flipped in 2018, down 4 percent from the 216,537 home flips in 2017.
The total dollar volume of financed home flip purchases was $19,9 billion for homes flipped in 2018, up 8 percent. And the home flips completed in 2018 yielded an average gross profit of $65,000 (difference between median purchase price and median flipped sale price,) down 3 percent from an average gross flipping profit of $66,900 in 2017.
Denver, Providence, Seattle, San Diego and San Francisco had the highest percentage of 2018 completed flips purchased with financing of metro areas with at least 1 million people. Metro areas with the highest share of completed flips sold to all-cash buyer were Detroit, Birmingham, Jacksonville, Miami and Buffalo.
The average square footage of homes fliped was approximately 1,400 and the average time to flip a property was down slightly, taking 180 days to complete in 2018.
Bathroom Upgrade Costs
Kitchen Upgrade Costs
Interior Upgrade Costs
Exterior Upgrade Costs
Gene and Katie Hamilton are authors of Fix It and Flip It (second edition) published by McGraw-Hill available wherever books are sold.