Centered around the nation’s capital, the Washington-Arlington-Alexandria metro area is home to roughly 6.1 million residents, making it the sixth most populated metro area in the nation.
Ranked eighth among the nation’s top 10 for the most flipped homes during the third quarter of 2020, the metro area’s 6,247 square miles has nearly 2.3 million housing units spread out among the District of Columbia along with the states of Maryland, Virginia and West Virginia.
The median flipped home in the Washington D.C. metro area was built in 1973 with a median size of 1,342 square feet.
|Total Number of Flips||968|
|Home Flipping Rate||4.0%|
|Flipping Gross Profit||$134,038|
|Gross Return on Investment||51.5%|
Other highlights from ATTOM’s third quarter of 2020 Home Flipping Report revealed the following details for the Washington D.C. metro area:
With a gross flipping profit of $134,038, the Washington D.C. metro’s gross ROI was up from 46.4 percent from the same quarter a year ago. Home flips in the metro area during the third quarter of 2020 were down from their peak that occurred during the second quarter of 2005 when they numbered 2,728.
Investors paid cash for 49.5 percent of all properties being flipped in the Washington D.C. metro, while 50.5 percent of purchases were financed during the third quarter of 2020. Of the flipped homes sold during the quarter 14.9 percent went to cash buyers while 16.4 percent were bought by FHA buyers.
Flipped homes in the Washington D.C. metro area that were completed in the third quarter of 2019 took an average of 191 days to finish.