What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
DC Area is Second-Hottest Flipping Market in the Country
✉️ Want to forward this article? Click here.
A flipped home on the market in Petworth that was bought in January for $250,000 and is listed at $597,500.
There is new statistical evidence that furthers the conclusion that the DC area is a pretty good place to be if you’re flipping houses.
According to new data from RealtyTrac, DC is still the second-best metro area in the country when it comes to flipping single-family houses. Average gross profits on a flip in the second quarter of 2014 totaled $136,135 in DC, second only to San Jose, California’s sky-high $258,968. Unlike San Jose’s metrics, DC’s were down from the first quarter of 2014, when average profits topped out at at $146,576.
Here’s a chart showing the other top cities’ metrics:
Flips made up 10.2 percent of all sales in DC proper in the second quarter, more than twice the national average for the quarter, according to RealtyTrac. Gross profits nationwide were $46,000; in DC proper they were much higher, at $222,106. (That’s in contrast to the lower metro-wide figure cited earlier.) DC flips were bought for an average of $296,395 and sold for an average of $518,501, according to the data.
In June, another report concluded that Petworth was the best neighborhood for flipping houses in the country.
RealtyTrac defines a flip as “a transaction that occurred in the second quarter where a previous sale on the same property had occurred within the last 12 months.”
See other articles related to: flipping, realty trac, realtytrac
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_has_the_second-hottest_flipping_market_in_the_country/8906.
Most Popular... This Week • Last 30 Days • Ever
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro