NEW YORK – Aug. 1, 2017 – More than 126,000 U.S. homes were flipped last year – the highest rate since 2007, according to a study by WalletHub. The average gross profit on a single home flip? Nearly $63,000.
Overall, Florida metro areas ranked in the top 25 percent for home flipping, with only cities in South Florida ranked below 50 percent. Miami ranked lowest out of Florida metros for home flipping, but at No. 110 it still ranked better than about 25 percent of all U.S. metro areas.
WalletHub looked at three broad categories to create its “Best & Worst Places to Flip Houses” study:
- Market Potential: ROI, purchase price, share of home flips, average days to flip and more
- Renovation & Remodeling Costs: Average costs for kitchens, bathrooms, full homes and more
- Quality of Life: Crime rates, schools, walkable park access, job growth and more
Tampa was the only Florida city to make the top 10, though Orlando followed closely behind at No. 16.
Florida ranking of top flipping metro areas out of 150 in U.S.
6. Tampa (Market potential 8; remodeling costs 19; quality of life: 66)
16. Orlando (Market potential 29; remodeling costs 23; quality of life: 70)
24. Pembroke Pines (Market potential 33; remodeling costs 63; quality of life: 25)
36. St. Petersburg (Market potential 6; remodeling costs 79; quality of life: 79)
51. Cape Coral (Market potential 98; remodeling costs 71; quality of life: 18)
55. Jacksonville (Market potential 14; remodeling costs 69; quality of life: 111)
58. Tallahassee (Market potential 42; remodeling costs 34; quality of life: 128)
69. Port St. Lucie (Market potential 83; remodeling costs 85; quality of life: 24)
84. Fort Lauderdale (Market potential 49; remodeling costs 58; quality of life: 134)
90. Hialeah (Market potential 24; remodeling costs 83; quality of life: 121)
110. Miami (Market potential 91; remodeling costs 87; quality of life: 116)
Florida cities also ranked in the top five in some of WalletHub’s secondary reports. Orlando, for example, is third nationwide for the number of real estate agents per capita. Only Seattle and Atlanta have more.
Tampa (No. 2) and Orlando (No. 3) made the top five for the percentage of home flips. Only Memphis, Tenn., had more.
For a complete ranking of all 150 U.S. cities and more, visit WalletHub’s website.
Source: 2017 Florida Realtors