Top 10 U.S. Counties with Highest Home Flipping Profits in Q2 2022
According to ATTOM’s newly released Q2 2022 U.S. Home Flipping Report, there were 115,198 single-family houses and condominiums flipped in the U.S. in the second quarter, representing 8.2 percent of all home sales. The latest portion of homes flipped was down from 9.7 percent in Q1 2022, but still up from 5.3 percent in Q2 2021.
ATTOM’s latest home flipping analysis noted that despite the decline, the home-flipping rate during the second quarter of this year still stood at the third-highest level since 2000, below the high point registered in Q1 2022.
The report also noted that among all flips nationwide, the gross profit on typical transactions (the difference between the median purchase price paid by investors and the median resale price) hit $73,700 in Q2 2022. That figure was up 10 percent from $67,000 in Q1 2022 and up 10.1 percent from $66,944 in Q2 2021.
Meanwhile, according to the report, typical profit margins rose in Q2 2022, after six straight periods when they had fallen or virtually stayed the same. The typical gross-flipping profit of $73,700 in Q2 2022 translated into a 29 percent ROI compared to the original acquisition price. While that remained down from 33 percent in Q1 2021 – and far below the peak of 53.1 percent this century, which hit in 2016 – the latest margin was up from 25.8 percent in Q1 2022.
ATTOM’s latest report stated that the highest raw profits on median-priced home flips in Q2 2022, measured in dollars, remained concentrated in the West and Northeast. The report noted that 16 of the top 20 were in those regions, led by San Jose, CA (typical gross profit of $292,500); San Francisco, CA ($250,000); Salinas, CA ($203,125); San Diego, CA ($177,000) and Seattle, WA ($174,999).
The Q2 2022 home flipping report noted that at the opposite end of the range, 17 of the 20 lowest raw profits on typical home flips were spread across the South and Midwest, led by Tyler, TX ($4,000); Jackson, MS ($5,223); Lafayette, IN ($15,518); Boise, ID ($20,133) and Lexington, KY ($23,500).
In this post, we dive deeper into the data behind ATTOM’s Q2 2022 U.S. Home Flipping Report to uncover those top U.S. counties with the highest home flipping profits in the second quarter. Among those counties with at least 10 home flips in Q2 2022, those with the highest home flipping profits included: Howard County, MD ($738,338); San Mateo County, CA ($440,000); Fauquier County, VA ($413,000); Pitkin County, CO ($412,500); Frederick County, MD ($373,200); San Francisco County, CA ($343,000); Santa Clara County, CA ($300,000); Loudon County, TN ($292,500); Monroe County, FL ($282,500); and District Of Columbia County, DC ($280,500).
ATTOM’s latest home flipping analysis also reported that the average time it took from purchase to resale on home flips rose to 165 days in Q2 2022, marking the third quarterly increase in a row. While the latest figure was less the historical averages, it was up from 162 days in Q1 2022 and from 150 in Q2 2021.
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