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In DC, the Home Flipping Market is Hottest East of the River
A new home flipping report illustrates how the flipping market east of the Anacostia River dwarfs that elsewhere in DC proper -- at least by proportion.
There were 16.6% fewer flips in DC in 2020 compared to 2019, representing 7% of all homes sold, according to ATTOM Data Solutions' 2020 report. Flips became more profitable, however, with a gross profit of $225,000 (up from $201,250) and a gross ROI of 63.4% (up from 58%).
By zip code, flips as a percentage of all homes sold were highest in the 20019 zip code that includes Deanwood (22%), the 20032 zip code that includes Congress Heights (18%), and the 20020 zip code that includes Anacostia (14%). And the return on investment in these areas was high.
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Flips in 20019 grossed $196,000 in 2020, an 85% return on investment (ROI) that is the highest in the city but lower than the 93% ROI observed in the zip code in 2019. ROI also dropped in the 20032 zip code (from 88% to 74%), where this decrease was paired with a decrease in gross profits (from $175,000 to $166,000).
The 20009 zip code, containing Adams Morgan and the 14th Street Corridor, is the lone zip code where gross profit and ROI for flips not only went down year-over-year, but also went negative. Conversely, the neighboring 20010 zip code grossed the most profit for flippers citywide in 2020, with a $400,000 gross profit and a seven-figure median flip sales price.
Note — The report does not factor in renovation costs when calculating the ROI, although experienced flippers estimate those to be anywhere from 20-33 percent of the original purchase price.
See other articles related to: attom data solutions, flipping, flipping homes, house flipping
This article originally published at https://dc.urbanturf.com/articles/blog/in-dc-the-home-flipping-market-is-hottest-east-of-the-river/18104.
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