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The tenth most populous metro area in the nation, the Boston-Cambridge-Newton metro area has more than 4.7 million residents within its 3,486 square miles. Comprised of seven counties in all: five in Massachusetts and two in New Hampshire, the metro area contains 1.9 million housing units.
The home to General Electric and Liberty Mutual Insurance – both in the Fortune 500 – the greater Boston metro area ranked tenth among the nation’s top 10 metro areas for the number of flipped homes during the third quarter of 2019.
Q3 2019 Home Flipping Figures for the Boston Market
|Total Number of Flips||346|
|Home Flipping Rate||3.5%|
|Flipping Gross Profit||$108,000|
|Gross Return on Investment||38.1%|
Specific details revealed by ATTOM’s third quarter of 2019 Home Flipping Report for the Boston metro area include:
- Quarterly change in flipping rate was down 25 percent
- Year Over Year change in flipping rate was up 6 percent
- Median purchase price = $283,250
- Median flipped price = $391,250
On an annual basis gross ROI increased 6 percent from the same quarter last year in Boston. Home flips that occurred in the third quarter of 2019 in the metro area were down from their peak that occurred during the second quarter of 2000 when they numbered 908.
Investors paid cash for 45.1 percent of all properties being flipped in the third quarter of 2019, while 54.9 percent of investor purchases were financed during the quarter. Of the flipped homes sold in the third quarter 18.5 percent were sold to cash buyers and 8.4 percent were purchased by FHA buyers.
Flipped homes in the Boston metro area that were completed in the third quarter of 2019 took an average of 215 days to finish.