According to ATTOM’s Year-End 2024 U.S. Home Flipping Report, 297,885 single-family homes and condos were flipped nationwide in 2024, reflecting a 7.7% decline from 322,782 in 2023 and a 32.4% drop from the recent peak of nearly 441,000 in 2022.
As highlighted in the report, the number of investor-flipped homes decreased, with the share of flips in total home sales dropping from 8.1% in 2023 to 7.6% in 2024.
ATTOM’s latest home flipping analysis revealed one small potential silver lining for the home-flipping industry in 2024 was a modest uptick in profits and profit margins on typical buy-renovate-resell projects. However, margins still hovered near their lowest levels of the past decade, as investors continued to face challenges capitalizing on the broader housing market boom.
The report stated that in 2024, the average gross profit on a typical home flip across the U.S. rose to $72,000—calculated as the difference between the median resale price and the original purchase price paid by investors. That marks an increase from $67,846 in 2023 and represents a 29.6% return on investment based on the initial acquisition cost.
The latest home flipping report also stated that the latest nationwide return on investment—before factoring in mortgage interest, property taxes, renovation costs, and other holding expenses—rose to 29.6% in 2024, up from 28.6% in 2023 and 29.4% in 2022. Still, it remained just over half of the 54.2% peak recorded in 2016, the highest point in the past decade.
The flipping report noted that among metro areas with populations of 1 million or more, the largest year-over-year gains in profit margins on median-priced home flips in 2024 were seen in Cleveland, OH, where ROI jumped from 39.2% in 2023 to 72% in 2024. Other notable increases included Buffalo, NY (from 83.9% to 109.1%), Rochester, NY (from 60.2% to 71.5%), St. Louis, MO (from 34% to 45.1%), and Memphis, TN (from 58.2% to 66.7%).
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. metros with the biggest percentage point increases in home flipping returns in 2024. Among those MSA’s with a population of 200,000 or more and 100 or more home flips in 2024, those with the highest annual percentage point increases in home flipping returns include:
#10 – Bellingham, WA
- 9 percent ROI in 2023
- 6 percent ROI in 2024
#9 – Mobile, AL
- 5 percent ROI in 2023
- 6 percent ROI in 2024
#8 – Springfield, IL
- 5 percent ROI in 2023
- 9 percent ROI in Q3 2024
#7 – Spokane, WA
- 7 percent ROI in 2023
- 8 percent ROI in 2024
#6 – Charlottesville, VA
- 8 percent ROI in 2023
- 9 percent ROI in 2024
#5 – Buffalo, NY
- 9 percent ROI in 2023
- 1 percent ROI in 2024
#4 – Erie, PA
- 6 percent ROI in 2023
- 5 percent ROI in 2024
#3 – Santa Maria, CA
- -0.3 percent ROI in 2023
- 7 percent ROI in 2024
#2 – Cleveland, OH
- 2 percent ROI in 2023
- 72 percent ROI in 2024
#1 – Ocala, FL
- 8 percent ROI in 2023
- 3 percent ROI in 2024
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