A flipped home in Petworth.
A new study released Thursday reveals that Petworth’s home flipping market is just as voracious as you may have suspected. In 2013 Petworth was the best neighborhood in the country to flip a house, according to a report from Redfin, at least when looking at raw profits.
Using county and MLS data, the report looked at sales and prices in markets where the company operates. A flip was a home that was purchased and sold again within a year.
Redfin calculated the average profit based on the difference between the two sales prices, however didn’t include renovation costs, so these numbers are purely based on raw profit before expenses.
Perhaps unsurprisingly for DC residents, several of the city’s neighborhoods made the top 10 list.
- Petworth was #1, with a $312,400 average gain from a home flip.
- The Brookland/Catholic University neighborhood came in third, with an average gain of $271,900.
- Fort Totten profits averaged $233,300, making it the 6th best market in the country for flipping.
- The Stadium Armory area ranked seventh, just under Fort Totten, with an average of $230,400 in profits.
In the wider DC metro, the average gain for a flipped home was $104,100 in 2013. Last year, 4,260 homes were flipped in the region with a median flip time of 172 days. And 73.2 percent of these homes were flipped for a gain. The analysis shows that our market continues to see high levels of flipping activity this year.
Here’s a full list of the neighborhoods where flipping was a great way to make money:
And a look at markets by city, where DC ranks lower on the list:
This article originally published at http://dc.urbanturf.com/articles/blog/petworth_was_the_hottest_market_for_flips_in_the_country_in_2013/8637
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