Flipping homes successfully is even more challenging than it used to be as rising mortgage rates have squeezed profits nationwide. A new Realtor.com report found that the median flipped home was bought for roughly 51% of the market median — but flipped homes were still priced at 88% of the market median even after renovation.
However, in a handful of U.S. cities, renovated homes are still commanding prices above the local median. Here’s where flipping still pays off.
1. Pittsburgh
- Pre-flip purchase price compared to median listing price (%): 48.1%
- Post-renovation listing price compared to median listing price (%): 106.3%
- Flip factor: 58.2 percentage points
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2. Cape Coral-Fort Myers, Florida
- Pre-flip purchase price compared to median listing price (%): 60.6%
- Post-renovation listing price compared to median listing price (%): 105.9%
- Flip factor: 45.3 percentage points
3. Seattle-Tacoma-Bellevue, Washington
- Pre-flip purchase price compared to median listing price (%): 64.5%
- Post-renovation listing price compared to median listing price (%): 101%
- Flip factor: 36.5 percentage points
4. Denver-Aurora-Centennial, Colorado
- Pre-flip purchase price compared to median listing price (%): 65.7%
- Post-renovation listing price compared to median listing price (%): 100.3%
- Flip factor: 34.5 percentage points
5. Phoenix-Mesa-Chandler, Arizona
- Pre-flip purchase price compared to median listing price (%): 67.4%
- Post-renovation listing price compared to median listing price (%): 102%
- Flip factor: 34.5 percentage points
6. Los Angeles-Long Beach-Anaheim, California
- Pre-flip purchase price compared to median listing price (%): 69.2%
- Post-renovation listing price compared to median listing price (%): 101.4%
- Flip factor: 32.1 percentage points
7. San Francisco-Oakland-Fremont, California
- Pre-flip purchase price compared to median listing price (%): 72.5%
- Post-renovation listing price compared to median listing price (%): 104.5%
- Flip factor: 32 percentage points
8. San Diego-Chula Vista-Carlsbad, California
- Pre-flip purchase price compared to median listing price (%): 75.2%
- Post-renovation listing price compared to median listing price (%): 105.5%
- Flip factor: 30.3 percentage points
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This article originally appeared on GOBankingRates.com: 8 US Cities Where Home Flips Pay Off Big
