According to ATTOM’s Year-End 2024 U.S. Home Flipping Report, 297,885 single-family homes and condos were flipped across the United States in 2024. This represents a 7.7% decline from the 322,782 homes flipped in 2023 and a 32.4% decrease from the recent peak of nearly 441,000 flips in 2022.
WATCH: ATTOM #figuresfriday – Top 10 States with the Highest Home Flipping Returns in 2024
The report stated that in 2024 homes flipped nationwide were sold for a median price of $315,000, yielding a gross flipping profit of $72,000 above the median original purchase price of $243,000. This gross profit increased from $67,846 in 2023 but remained slightly lower than the $72,750 recorded in 2022, which was the second-highest level of the century.
As highlighted in the home flipping analysis, gross profits increased in 141 of the 213 U.S. metropolitan areas with enough data to analyze — representing 66 percent of those markets. Among the 56 metro areas with populations of at least 1 million, the highest gross flipping profits on median-priced home sales in 2024 were found in San Jose, CA ($283,000), San Francisco, CA ($218,000), New York, NY ($175,000), San Diego, CA ($175,000), and Washington, DC ($170,000).
The latest home flipping report revealed that the typical profit margin on home flips across the U.S. rose to 29.6 percent in 2024 but remained the third-lowest level recorded since 2008. Nationwide, the return on investment (ROI) for median-priced flips has declined by 16 percentage points since 2020 and is down 25 points from the decade’s peak in 2016.
The report stated that investment returns on typical home flips improved in 116 of the 213 metro areas analyzed — representing 54 percent of the markets with sufficient data. Among metro areas with populations of at least 1 million, the largest year-over-year gains in profit margins on median-priced flips in 2024 were in Cleveland, OH (rising from 39.2 percent in 2023 to 72 percent in 2024); Buffalo, NY (83.9 percent to 109.1 percent); Rochester, NY (60.2 percent to 71.5 percent); St. Louis, MO (34 percent to 45.1 percent); and Memphis, TN (58.2 percent to 66.7 percent).
In this post, we dive into the data behind ATTOM’s Year-End U.S. Home Flipping Report to reveal the top 10 U.S. states with the highest home flipping returns on investment in 2024. Among those states with 250 or more home flips in 2024, those with the highest home flipping returns include:
#10 – New Jersey
- 3 percent ROI in 2024
- $149,550 Gross Profit in 2024
#9 – Michigan
- 8 percent ROI in 2024
- $71,000 Gross Profit in 2024
#8 – Virginia
- 1 percent ROI in 2024
- $120,000 Gross Profit in 2024
#7 – Illinois
- 1 percent ROI in 2024
- $90,000 Gross Profit in 2024
#6 – Tennessee
- 8 percent ROI in 2024
- $100,000 Gross Profit in 2024
#5 – Kentucky
- 7 percent ROI in 2024
- $85,000 Gross Profit in 2024
#4 – Louisiana
- 65 percent ROI in 2024
- $78,000 Gross Profit in 2024
#3 – Maryland
- 8 percent ROI in 2024
- $150,000 Gross Profit in 2024
#2 – Delaware
- 8 percent ROI in 2024
- $165,763 Gross Profit in 2024
#1 – Pennsylvania
- 3 percent ROI in 2024
- $113,900 Gross Profit in 2024
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Written by: Megan Hunt