Home flipping isn’t the share of home sales it used to be; it stood at 3.7% of the total homes sold in the first quarter of 2014.

But there’s still gold in them thar hills, so to speak, as profits from flipping a house are up to 30%. 

Notably though, the returns in the top 14 markets are far, far more than 30% -- the top five flipping markets saw between 52% and 83% return on investments.

The average sales price of single-family homes flipped in the first quarter was $55,574 higher than the average original purchase price, up from a year ago when the average gross profit per flip was $51,805.

“Slowing home price appreciation early this year in many of the most popular flipping markets put some investors in danger of flying too close to the sun,” said Daren Blomquist, vice president at RealtyTrac. “But investors appear to have recalibrated their flipping strategy, accounting for the slower home price appreciation even if that means fewer flips. This is another good sign that this housing recovery is behaving much more rationally than the last housing boom, which was built largely on unfounded speculation rather than fact-based calculations.”

RealtyTrac compiled its list of the counties with the most profitable flipping action out there.

To make the list, counties had to have at least 100 single-family homes flipped in the last 12 months (April 2013 through March 2014), see an average gross return of 30% or more on flips during that time period, have an unemployment rate below the national average of 6.7% in March, and have an increase in foreclosure activity in the first quarter of 2014 compared to a year ago.

Far and away the best place to flip a house is in the Washington D.C. area – specifically the Prince Georges County area of Maryland, where profits averaged – averaged – 83.4%.

The top 14 markets with the most profitable flipping action are listed here. (Click the image to enlarge)

Click below to see the 22 counties with the most flipping activity overall.