Flipping Homes in the
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Philadelphia Area
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Trend Report
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 eighth among the nation’s top 10 metros by population for the most flipped homes during the third quarter of 2023, the median flipped home that was purchased in the metro area was built in 1953 with an average size of 1,372 square feet.
Q3 2023 Home Flipping Figures for the Philadelphia Market
| Total Number of Flips | 1,482 |
|---|---|
| Home Flipping Rate | 7.4% |
| Flipping Gross Profit | $135,169 |
| Gross Return on Investment | 77.0% |
Other highlights from ATTOM’s third quarter 2023 Home Flipping Report for the Philadelphia metro area include:
- Quarterly change in flipping rate was down 2.7 percent
- Year Over Year change in flipping rate was up 14.7 percent
- Median purchase price = $175,500
- Median flipped price = $310,669
Home flips in the Philadelphia metro area were down in the third quarter of 2023 from their peak that occurred during the second quarter of 2005 when they numbered 2,026.
Investors paid cash for 63.2 percent of all properties being flipped in the Philadelphia metro area in the third quarter of 2023, while 36.8 percent of purchases were financed during the quarter. 24.4 percent of flipped homes sold in the third quarter of 2023 were purchased by cash buyers while 15 percent were purchased by FHA buyers.
Flipped homes in the Philadelphia metro area that were completed in the third quarter took an average of 174 days to finish.
