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The nation’s seventh largest metropolitan area with a population of over 6 million people, the Philadelphia-Camden-Wilmington metro area encompasses 4,603 square miles and includes 11 counties.
Ranked sixth among the nation’s top 10 metros for the most flipped homes during the third quarter of 2019, the median flipped home that was purchased in the metro area was built in 1955 with an average size of 1,380 square feet.
Q3 2019 Home Flipping Figures for the Philadelphia Market
|Total Number of Flips||1,322|
|Home Flipping Rate||5.9%|
|Flipping Gross Profit||$107,400.00|
|Gross Return on Investment||99.8%|
Other highlights from ATTOM’s third quarter 2019 Home Flipping Report for the Philadelphia metro area include:
- Quarterly change in flipping rate was down 22 percent
- Year Over Year change in flipping rate was down 9 percent
- Median purchase price = $107,600
- Median flipped price = $215,000
Home flips in the Philadelphia metro area were down in the third quarter of 2019 from their peak that occurred during the second quarter of 2005 when they numbered 2,072.
Investors paid cash for 69.3 percent of all properties being flipped in the Philadelphia metro area in the third quarter of 2019, while 30.7 percent of purchases were financed during the quarter. Nineteen percent of flipped homes sold in the third quarter of 2019 were purchased by cash buyers while 24.1 percent were purchased by FHA buyers.
Flipped homes in the Philadelphia metro area that were completed in the third quarter took an average of 194 days to finish.