Far and away the New York-Newark-Jersey City metropolitan statistical area leads the nation in terms of both population and total housing units. It also plays a key role in seeing trends in the housing market, especially when it comes to home flipping.
In all, the 2,212 homes flipped in the New York metro area during the third quarter of 2020, accounted for 5.8 percent of all home sales in the metro area, down 18 percent from the previous quarter but up 2 percent from the same quarter the year before, according to ATTOM Data Solutions.
|Total Number of Flips||2,212|
|Home Flipping Rate||5.8%|
|Flipping Gross Profit||$150,000|
|Gross Return on Investment||60.0%|
Other data figures from our latest home flipping report for the New York metro area include:
Therefore, with a median purchase price of $250,000 during the third quarter of 2020, and a flipped price of $400,000, investors in the New York market stood to make a $150,000 profit, resulting in a 60 percent return on investment, a 4 percent decline in ROI from a year ago.
When it comes to buyers with purchasing power, the New York metro area has long been a top performer as well.
Given its population, and overall economic prowess, demand for housing is at a premium in the New York metro area and flipped homes in New York are a welcome addition to the inventory.