ATTOM recently published its Q2 2023 U.S. Home Flipping Report, revealing that 84,350 single-family homes and condominiums across the United States underwent flipping. Flipping, defined as an arms-length transaction occurring within a quarter following a prior arms-length transaction within the past 12 months, constituted 8% of all home sales during that quarter.
The average duration from purchase to resale for flipped homes increased to 178 days in Q2 2023, a slight uptick from 177 days in Q1 2023 and 167 days in Q2 2022, marking the lengthiest period since mid-2020.
The average duration from purchase to resale for flipped homes increased to 178 days in Q2 2023, a slight uptick from 177 days in Q1 2023 and 167 days in Q2 2022, marking the lengthiest period since mid-2020.
Counties with the Highest Flipping Rates
In the second quarter of 2023, home flips comprised no less than 10 percent of all home transactions in 245 counties, constituting 24 percent of the 1,025 counties examined across the United States, each having a minimum of 10 flips. Among counties with a population of 100,000 or more, the top-ranking ones in terms of flipping rates were exclusively located in Georgia. These included Cobb County (22.6 percent); Houston County (18.8 percent); Paulding County (18.5 percent); Douglas County (18.2 percent); and Bibb County (17.9 percent).
Counties with the Highest Gross Profit
Counties boasting populations of 100,000 or greater that experienced the most substantial flipping gross profits encompassed San Mateo County, California ($327,500 gross profit); Hunterdon County, New Jersey ($322,895 gross profit); Santa Clara County, California ($298,250 gross profit); Butler County, Pennsylvania ($292,250 gross profit); and Stafford County, Virginia ($249,636 gross profit).
Counties with the Lowest Average Days to Flip
When examining all the counties with 10 or more flips in the second quarter of 2023, those that achieved the swiftest turnaround times for flipping were Houston County, Georgia (averaging 59 days to flip); Cobb County, Georgia (with an average of 80 days); Oneida County, New York (81 days on average); Hoke County, North Carolina (with an average of 99 days); and Hocking County, Ohio (averaging 100 days).
