Where are the best markets for flipping property now?
Despite interest in flipping U.S. property growing rapidly, investors and hard data acknowledge that this practice is only becoming more profitable. So how much money is there to be made in the current market and where are the best markets for flipping property?
Debates continue to rage on about whether or not it is better to work in distressed regions or quickly appreciating ones. As you’ll see from the following list, there is big money to be made from flipping property all over the United States.
Some have tried to gripe about the market becoming harder to compete in, but the latest statistics from RealtyTrac’s Home Flipping Report, Wall St. Cheat Sheet, and a third source show that flipping property has actually become far more profitable in the last two years with an average of $18,391 per deal. Volume has grown to 134,184 single family units in the last 6 months, with 800,000 distressed homes soon to become available for flipping.
The following list identifies the 12 best markets for flipping property:
- San Diego, CA
- New Haven, CT
- Virginia Beach, VA
- Charleston, SC
- Jacksonville, FL
- Cape Coral, FL
- Port St. Lucie, FL
- Tampa, FL
- Pittsburgh, PA
- Palm Coast, FL
- Omaha, NE
- Daytona Beach, FL
While results vary greatly, some homes in South Florida have recently gone to auction for as little as a seventh of their previous asking price. The average gross profit in Virginia Beach is around $27,000, and Daytona raced ahead with an average of $51,657 per property, and 82% gross profit.
