A flipped home on the market in Petworth that was bought in January for $250,000 and is listed at $597,500.
There is new statistical evidence that furthers the conclusion that the DC area is a pretty good place to be if you’re flipping houses.
According to new data from RealtyTrac, DC is still the second-best metro area in the country when it comes to flipping single-family houses. Average gross profits on a flip in the second quarter of 2014 totaled $136,135 in DC, second only to San Jose, California’s sky-high $258,968. Unlike San Jose’s metrics, DC’s were down from the first quarter of 2014, when average profits topped out at at $146,576.
Here’s a chart showing the other top cities’ metrics:
Flips made up 10.2 percent of all sales in DC proper in the second quarter, more than twice the national average for the quarter, according to RealtyTrac. Gross profits nationwide were $46,000; in DC proper they were much higher, at $222,106. (That’s in contrast to the lower metro-wide figure cited earlier.) DC flips were bought for an average of $296,395 and sold for an average of $518,501, according to the data.
In June, another report concluded that Petworth was the best neighborhood for flipping houses in the country.
RealtyTrac defines a flip as “a transaction that occurred in the second quarter where a previous sale on the same property had occurred within the last 12 months.”
This article originally published at https://dc.urbanturf.com/articles/blog/dc_has_the_second-hottest_flipping_market_in_the_country/8906.
Most Popular... This Week • Last 30 Days • Ever
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
Plans for a large new residential project above the Ellsworth Place mall in the middl... read »
A year ago, UrbanTurf reported on plans for a grocery store that was looking to open ... read »
With news this week that the Lerner family will not be selling DC's baseball team, it... read »
Today, UrbanTurf is taking a look around DC to see where home sellers are reducing pr... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro