DC Area is Second-Hottest Flipping Market in the Country

• August 22, 2014

by Lark Turner

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 http://dc.urbanturf.com/articles/blog/dc_has_the_second-hottest_flipping_market_in_the_country/8906