As home prices ripped higher in 2013, we saw a rise in home flipping — when a home is purchased and sold within six months.
Home flipping was up 16% on the year in 2013, according to RealtyTrac's latest report.
The average gross profit for a flip — the difference between the flipped price and the purchase price — was $58,081 in 2013.
In the fourth quarter the gross profit on flips was $62,761.
The average gross profit for a flip — the difference between the flipped price and the purchase price — was $58,081 in 2013.
In the fourth quarter the gross profit on flips was $62,761.
We rounded up the 14 cities where home flippers made the highest gross profit (in percent) in the fourth quarter.
Note: RealtyTrac looked at metro areas with more than 10 flips in the fourth quarter.
Note: RealtyTrac looked at metro areas with more than 10 flips in the fourth quarter.
Green Bay, Wisconsin
Gross profit percentage: 139%
Average gross profit: $97,437
Q4 flips: 315
YoY change: 27.5%
Average purchase price: $70,113
Source: RealtyTrac
Lincoln, Nebraska
Gross profit percentage: 109.2%
Average gross profit: $$88,388
Q4 flips: 26
YoY change: 2.8%
Average purchase price: $80,929
Source: RealtyTrac
Hickory-Lenoir-Morganton, North Carolina
Gross profit percentage: 103.7%
Average gross profit: $46,845
Q4 flips: 16
YoY change: 1.8%
Average purchase price: $45,168
Source: RealtyTrac
Kingsport-Bristol-Bristol, Tennessee-Virginia
Gross profit percentage: 97.3%
Average gross profit: $61,865
Q4 flips: 16
YoY change: 2.2%
Average purchase price: $63,556
Source: RealtyTrac
Atlantic City, New Jersey
Gross profit percentage: 91.2%
Average gross profit: $85,777
Q4 flips: 180
YoY change: 25.7%
Average purchase price: $94,056
Source: RealtyTrac
Pittsburgh, Pennsylvania
Gross profit percentage: 84.3%
Average gross profit: $57,674
Q4 flips: 96
YoY change: 1.6%
Average purchase price: $68,390
Source: RealtyTrac
Poughkeepsie-Newburgh-Middletown, New York
Gross profit percentage: 76.3%
Average gross profit: $103,100
Q4 flips: 109
YoY change: 8.6%
Average purchase price: $135,071
Source: RealtyTrac
Fayetteville, North Carolina
Gross profit percentage: 70.1%
Average gross profit: $38,167
Q4 flips: 16
YoY change: 2.3%
Average purchase price: $54,417
Source: RealtyTrac
Grand Rapids-Wyoming, Michigan
Gross profit percentage: 67.8%
Average gross profit: $44,017
Q4 flips: 46
YoY change: 1.6%
Average purchase price: $64,959
Source: RealtyTrac
Bremerton-Silverdale, Washington
Gross profit percentage: 67.0%
Average gross profit: $86,792
Q4 flips: 18
YoY change: 2.5%
Average purchase price: $129,471
Source: RealtyTrac
Lancaster, Pennsylvania
Gross profit percentage: 64.8%
Average gross profit: $60,518
Q4 flips: 37
YoY change: 2.6%
Average purchase price: $93,342
Source: RealtyTrac
York-Hanover, Pennsylvania
Gross profit percentage: 64.7%
Average gross profit: $60,203
Q4 flips: 48
YoY change: 4.3%
Average purchase price: $92,984
Source: RealtyTrac
Single Family Flips (first half 2013): 551
YoY change: 97%
Average purchase price: $229,813
Average gross profit: $29,850
Gross profit percentage: 13%
Source: RealtyTrac
Virginia Beach-Norfolk-Newport News, Virginia-North Carolina
Gross profit percentage: 64.6%
Average gross profit: $91,262
Q4 flips: 124
YoY change: 3.9%
Average purchase price: $141,241
Source: RealtyTrac
Lakeland, Florida
Gross profit percentage: 64.1%
Average gross profit: $36,172
Q4 flips: 90
YoY change: 4.6%
Average purchase price: $56,443
Source: RealtyTrac
Now look at cities where home prices are expected to rise the most...
REUTERS/Brian Snyder
These Will Be The 10 Hottest American Housing Markets In 2014 »
Read more: http://www.businessinsider.com/top-housing-markets-to-flip-a-home-2014-1?op=1#ixzz2sAOjDuy3
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