According to ATTOM’s Q1 2024 U.S. Home Flipping Report, in the first quarter of 2024, 67,817 single-family homes and condominiums were flipped in the United States. These transactions accounted for 8.7 percent, or about one in every twelve home sales, from January through March.
ATTOM’s latest home flipping analysis revealed that the proportion of flipped homes rose to 8.7 percent in Q1 2024, up from 7.7 percent in Q4 2023, marking the second consecutive quarterly increase. However, this figure is still lower than the 9.8 percent recorded in Q1 2023.
The Q1 2024 report also noted that as flipping rates increased, investors saw improved returns. The latest data reveals that home flippers earned an average gross profit of 30.2 percent before expenses on homes sold in the first quarter of this year. This marks the third time in four quarters that profit margins have risen, following a six-year trend of mostly uninterrupted declines.
The analysis also found that the typical profit margin for home flips in Q1 2024, based on the difference between median purchase and resale prices, remained about 25 percentage points below the 2016 peak. This margin, susceptible to being offset by renovation, mortgage, and property tax costs, was higher than in Q4 2023 and above the decade-low of about 25 percent in Q1 2023.
ATTOM’s Q1 2024 flipping report also stated that gross profits on typical flips nationwide rose to $72,375, though still below the 2022 high of around $80,000. This figure is up from $65,000 in Q4 2023 and about $10,000 higher than the lowest point last year.
The latest analysis also found that in 134 out of 173 metropolitan statistical areas across the U.S., comprising 77.5 percent of areas analyzed with sufficient data, the proportion of home flips relative to total home sales increased from the fourth quarter of 2023 to the first quarter of 2024. The majority of decreases observed were marginal, generally less than two percentage points. Metropolitan statistical areas included in the analysis had populations of 200,000 or more and recorded at least 50 home flips in the first quarter of 2024, with sufficient data available.
ATTOM’s latest report noted that in the first quarter of 2024, home flips constituted at least 10 percent of all home sales in 284 counties across the U.S., representing 31.5 percent of the 902 counties analyzed with a minimum of 10 flips. This figure marked a notable increase from the 22.7 percent of counties that had sufficient data to measure in the fourth quarter of 2023.
In this post, we dive deep into the data behind ATTOM’s latest U.S. Home Flipping Report to uncover those top 10 counties with the highest home flipping rates in Q1 2024. Among those counties with 10 or more home flips in the first quarter, those with the highest flipping rates include: Cobb County, GA (23.5 percent); Hickman County, TN (20.3 percent); Houston County, GA (20.1 percent); Clayton County, GA (19.6 percent); Douglas County, GA (19.5 percent); Hopewell City County, VA (19.0 percent); Bibb County, GA (18.6 percent); Botetourt County, VA (18.1 percent); Loudon County, TN (17.3 percent); Alamance County, NC (17.2 percent).
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