Seattle and Portland Rank in Top 3 for Home Flipping

Investors are profiting once again from house flipping. Most of today's profits come from a growth in high-end flips of homes $750,000 or more, according to RealtyTrac’s third-quarter Home Flipping Report. 

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Real estate investors earned an average gross profit of $54,927 on single-family flips during the third quarter, according to the report.
“Increasing home prices over the past 18 months combined with decreasing foreclosures have created a market less favorable to the high quantity of middle- to low-end, bread-and-butter flips that we saw late last year and early this year,” says Daren Blomquist, vice president at RealtyTrac. “But the sharp rise in high-end flipping indicates there is still good money to be made for flippers willing and able to take on the additional risk of buying and rehabbing more expensive homes. With that higher risk also comes the potential for higher reward. The average gross profit on each high-end flip equals more than four times the average gross profit on each flipped home in the lower price ranges.”
According to RealtyTrac, the following are the top housing markets for flipping in the third quarter:

  1. Ventura, Calif.
    • Average purchase price: $406,685
    • Average gross profit: $143,578
  2. Los Angeles
    • Average purchase price: $09,021
    • Average gross profit: $127,634
  3. Seattle
    • Average purchase price: $227,478
    • Average gross profit: $97,002
  4. Chicago
    • Average purchase price: $191,164
    • Average gross profit: $85,814
  5. Portland, Ore.
    • Average purchase price: $213,795
    • Average gross profit: $84,063
  6. New York
    • Average purchase price: $407,170
    • Average gross profit: $72,722
  7. Pittsburgh, Pa.
    • Average purchase price: $44,487
    • Average gross profit: $59,342
  8. Las Vegas
    • Average purchase price: $144,197
    • Average gross profit: $53,503

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