According to ATTOM’s Q3 2023 U.S. Home Flipping Report, 72,543 single-family homes and condos in the U.S. were flipped in the third quarter, representing 7.2 percent of home sales nationwide. The report noted the latest portion of flips was down from 7.9 percent in Q2 2023 and 7.7 percent in Q3 2022.
ATTOM’s latest home flipping analysis revealed that even as flipping rates declined, fortunes continued improving for home flippers in the form of rising profits. The Q3 2023 flipping report noted that investor returns increased for the third quarter in a row, rebounding from a slump that had slashed profit margins by nearly two-thirds from early-2021 to late-2022. Also according to the report, margins, along with raw profits, rose to the highest levels since the middle of last year.
The report stated the typical third-quarter profit margin of 29.8 percent nationwide – based on the difference between the median purchase and median resale price for home flips – remained far below peaks hit in 2021. The report also noted that the typical profit margin was up from 29 percent in Q2 2023 and up seven percentage points from a low of 22.4 percent in Q4 2022.
The latest home flipping analysis also found that profit margins went up from Q2 to Q3 2023 in 51 percent of the metro areas analyzed and were up annually in 61 percent. According to the report, the biggest year-over-year increases in typical profit margins came in Akron, OH (ROI up from 50 percent in Q3 2022 to 114.1 percent in Q3 2023); Flint, MI (up from 61.6 percent to 113.8 percent); Canton, OH (up from 17.8 percent to 69.6 percent); Augusta, GA (up from 44.8 percent to 93.5 percent) and York, PA (up from 61.5 percent to 107.5 percent).
In this post, we take a more granular look at the data behind ATTOM’s latest U.S. Home Flipping Report to reveal the top 10 U.S. counties with the highest annual increases in home flipping returns in Q3 2023. Among those counties with a population greater than 100,000 and 25 or more home flips in the third quarter, those with the highest annual increases in home flipping returns include:
#10 – Greene County, OH
- 13.0 percent ROI in Q3 2022
- 72.9 percent ROI in Q3 2023
#9 – Summit County, OH
- 46.5 percent ROI in Q3 2022
- 113.6 percent ROI in Q3 2023
#8 – Miami County, OH
- 34.5 percent ROI in Q3 2022
- 102.3 percent ROI in Q3 2023
#7 – Kent County, DE
- 66.7 percent ROI in Q3 2022
- 134.7 percent ROI in Q3 2023
#6 – Sullivan County, TN
- 60.8 percent ROI in Q3 2022
- 129.9 percent ROI in Q3 2023
#5 – Lackawanna County, PA
- 49.3 percent ROI in Q3 2022
- 154.7 percent ROI in Q3 2023
#4 – Schuylkill County, PA
- 33.3 percent ROI in Q3 2022
- 147.2 percent ROI in Q3 2023
#3 – Niagara County, NY
- 84.0 percent ROI in Q3 2022
- 213.5 percent ROI in Q3 2023
#2 – Medina County, OH
- 15.8 percent ROI in Q3 2022
- 178.2 percent ROI in Q3 2023
#1 – Lorain County, OH
- 23.7 percent ROI in Q3 2022
- 195.3 percent ROI in Q3 2023
WATCH: ATTOM Top 10 U.S. Counties with Highest Annual Increases in Home Flipping Returns in Q3 2023
Want to learn more about home flipping trends in your area? Contact us
