The top 6 states for home flipping in 2013
Flippers are making a killing — find out where
Exactly 156,862 single-family homes were flipped in 2013, for an average profit of $58,081, according to RealtyTrac.
Care to guess which six states saw the most action?
Home flipping accounted for 4.6% of all U.S. single family home sales in 2013, up from 4.2% in 2012 and up from 2.6% in 2011. Flips were up 16% from 2012 and up 114% from 2011.
Flipped homes accounted for 3.8% of all sales in the fourth quarter, down slightly from 3.9% of all sales in the third quarter and down from 7.1% of all sales in the fourth quarter of 2012 — the highest percentage of sales represented by flips in a single quarter since RealtyTrac began tracking flipping data in the first quarter of 2011.
Profits for 2013 were up over 2012, which saw an average gross profit of $45,759. The average gross profit for homes flipped in the fourth quarter was $62,761, up from $52,746 in the fourth quarter of 2012.
According to RealtyTrac’s state totals for 2013, here are the top six states, ranked by profits. Click below to see numbers five and six. (To see which 9 cities had the most profitable flipping activity, click here.)