In Q2 2024, nearly 80,000 homes were flipped across the U.S., accounting for approximately 7.5% of total U.S. home sales. According to the recently released Q2 2024 U.S. Home Flipping Report from property information provider ATTOM, this is down from the 8.7% recorded in the previous quarter and the 7.9% recorded during the same period last year. However, this doesn’t mean investors aren’t seeing a return on their investments.
In fact, the median resale price for flipped homes was $315,000, with an average gross profit of $73,492. This resulted in a 30.4% profit margin—higher than both Q1 2024 and Q2 2023. More affordable cities—primarily those in the South and Midwestern states—saw the bulk of these returns. The city that saw the highest returns on investment was Akron, Ohio, followed by Cape Coral, Fla., and then Springfield, Ill.
ATTOM’s latest home flipping analysis revealed that despite the decline in flipping rates, profits continued to rise for investors involved in buying, renovating, and quickly reselling homes. The latest data shows that investors typically earned a 30.4 percent profit nationwide, before expenses, on homes sold in the second quarter of this year. This marks the fourth increase in profit margins over the last five quarters, following nearly six years of consistent declines.