Home flipping is not as prevalent in DC as it used to be, but there are still pockets where flippers are making profits.
According to a new report from ATTOM, there were three zip codes in DC where there were at least 10 homes flipped in the third quarter of 2022: 20002, 20011, and 20019. The 20019 zip code (Deanwood, Marshall Heights, Benning Ridge) led the way with 16 flips, and a gross profit of $118,000.
The 20011 zip code (Brightwood, Crestwood, Petworth, Fort Totten) saw 15 flips, grossing the highest profit ($386,000) of the three zip codes. In the 20002 zip code (Eckington, Ivy City, northeast Capitol Hill), there were 14 home flips, representing 7% of total home sales during the quarter. Those flips saw average gross profits of $249,900.
As flipping profits fell in many metropolitan areas in the third quarter, DC remained near the top of the list for gross profits. The city saw average gross profits of $140,000.
To see ATTOM's full report, click here.
The report identifies flips as the same property selling twice within 12 months. Gross profit is calculated as the difference between the original purchase price and the second sales price. Rehabilitation costs and associated expenses are typically 20-33% of home value after repair.
This article originally published at https://dc.urbanturf.com/articles/blog/with_profits_still_high_three_dc_zip_codes_lead_way_on_home_flipping/20423.
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