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 had a total of 347 flipped homes during the third quarter of 2020.
|Total Number of Flips||347|
|Home Flipping Rate||3.5%|
|Flipping Gross Profit||$130,600|
|Gross Return on Investment||40.9%|
Specific details revealed by ATTOM’s third quarter of 2020 Home Flipping Report for the Boston metro area include:
On an annual basis gross ROI decreased 4 percent from the same quarter last year in Boston. Home flips that occurred in the third quarter of 2020 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 48.4 percent of all properties being flipped in the third quarter of 2020, while 51.6 percent of investor purchases were financed during the quarter. Of the flipped homes sold in the third quarter 21 percent were sold to cash buyers and 11.5 percent were purchased by FHA buyers.
Flipped homes in the Boston metro area that were completed in the third quarter of 2020 took an average of 206 days to finish.