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 fourth among the nation’s top 10 metros by population for the most flipped homes during the third quarter of 2020, the median flipped home that was purchased in the metro area was built in 1955 with an average size of 1,420 square feet.
|Total Number of Flips||1,413|
|Home Flipping Rate||6.3%|
|Flipping Gross Profit||$115,000|
|Gross Return on Investment||100%|
Other highlights from ATTOM’s third quarter 2020 Home Flipping Report for the Philadelphia metro area include:
Home flips in the Philadelphia metro area were down in the third quarter of 2020 from their peak that occurred during the second quarter of 2005 when they numbered 2,072.
Investors paid cash for 67.8 percent of all properties being flipped in the Philadelphia metro area in the third quarter of 2020, while 32.2 percent of purchases were financed during the quarter. Sixteen percent of flipped homes sold in the third quarter of 2020 were purchased by cash buyers while 25.8 percent were purchased by FHA buyers.
Flipped homes in the Philadelphia metro area that were completed in the third quarter took an average of 208 days to finish.