HOME FLIPPING PLUMMETS ACROSS U.S. IN 2023 AS PROFITS SLUMP AGAIN
IRVINE, Calif., March 21, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its year-end 2023 U.S. Home Flipping Report, which shows that 308,922 single-family homes and condos in the United States were flipped in 2023. That was down 29.3 percent from 436,807 in 2022 – the largest annual drop since 2008.
- In yet another sign of down times for the home-flipping industry, profits and profit margins also sank on quick buy-renovate-and-resell projects.
- "In 2023, the landscape for home flipping across the U.S. became increasingly challenging," remarked Rob Barber, CEO at ATTOM.
- Either way, it will take some significant reworking of the financials for home flipping fortunes to turn back around."
- Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price.