The numbers have been crunched and that stats are in: Pennsylvania ranked first among all the states in the highest gross return on investment for house flipping in 2016, according to realtytrac.com.
Pennsylvania's house flipping rate, which was the percent of total sales, was 5.6%, noted realtytrac.com The average gross flipping profit in Pennsylvania was $78,000, which made the 2016 gross ROI bump up 108.3%.
ATTOM Data Solutions, which curates the nation's largest fused property database, stated that 193,009 single family home and condos were flipped within a 12-month period in 2016, which was "up 3.1% from 2015." ATTOM Data Solutions also noted that 2016 saw the highest level of house flipping since 2006, "when 276,067 single family homes and condos were flipped."
ATTOM Data Solutions, which curates the nation's largest fused property database, stated that 193,009 single family home and condos were flipped within a 12-month period in 2016, which was "up 3.1% from 2015." ATTOM Data Solutions also noted that 2016 saw the highest level of house flipping since 2006, "when 276,067 single family homes and condos were flipped."
The senior vice president at ATTOM Data Solutions, Daren Blomquist, stated that home flipping was popular in 2016 due to the fact that there was a "low inventory of homes in sellable or rentable condition along with a flood of capital -- both foreign and domestic -- searching for the returns and stability available with U.S. real estate."
Blomquist also noted that the nine-year high in house flipping was also due in part because investors have increasingly been "willing to move to secondary and tertiary housing markets and neighborhoods with older, smaller properties that are available at a deeper discount."
Realtytrac.com said that among the 117 metro areas analyzed in ATTOM Data Solutions' report, "those with the highest gross flipping ROI were East Stroudsburg, Pennsylvania (241.5 percent); Pittsburgh, Pennsylvania (130.0 percent); Cleveland, Ohio (116.2 percent); Philadelphia, Pennsylvania (107.1 percent"; Toledo, Ohio (102.0 percent); and New Orleans, Louisiana (101.2 percent)."
Blomquist also noted that the nine-year high in house flipping was also due in part because investors have increasingly been "willing to move to secondary and tertiary housing markets and neighborhoods with older, smaller properties that are available at a deeper discount."
Realtytrac.com said that among the 117 metro areas analyzed in ATTOM Data Solutions' report, "those with the highest gross flipping ROI were East Stroudsburg, Pennsylvania (241.5 percent); Pittsburgh, Pennsylvania (130.0 percent); Cleveland, Ohio (116.2 percent); Philadelphia, Pennsylvania (107.1 percent"; Toledo, Ohio (102.0 percent); and New Orleans, Louisiana (101.2 percent)."
So, not only is Pittsburgh's downtown making a comeback, its house flipping market is also doing great. If you're looking for a great property to flip, check out our featured listings, get in touch with one of our agents, and start flipping!
