House flipping has become increasingly popular over the past few years, although interest may be starting to wane.
Out of all home sales in 2024, 7.6% were flips. That’s down from 8.1% in 2023.
There’s still plenty of money to be made in home flipping. Gross profit on home flips and return on investment in 2024 were higher than they were in 2023.
Are you thinking about getting into the fix-and-flip game? Want guidance on where to do your next flip? Read on for more essential flipping stats to have on your radar.
Nationwide house-flipping stats: Return on investment, flipping rates, and more
House flips as a percentage of all home sales
Percentage of all home sales
In 2024, 297,885 single-family homes and condos were flipped, 7.6% of all home sales in that year, according to Attom Data.
That’s down 8% from the previous year, when nearly 323,000 home sales were flips.
The number and percentage of home purchases that ended up being flipped peaked in 2022, when 8.6% of all home sales, nearly 441,000, were flips.
Gross profit and return on investment
House-flipping gross profit and return on investment
The average return on investment (ROI) for house flipping in 2024 was 29.6%, and the average gross profit that year was $72,000, according to Attom.
Popular as it is, house flipping has become less profitable over the past several years. In 2016, it netted an average ROI of 54% and an average gross profit of $65,000. In 2024, the average ROI was down to 30% but profit was $72,000.
Rising median home prices are at least partially responsible for declining returns on investment.
About 63% of flips were financed in 2024, down by 1 percentage point from 2023.
Investors are still mostly opting to buy, fix, and flip homes with cash even as the housing market has become less competitive than it was during the pandemic. Sellers typically prefer cash offers, particularly banks and lenders with distressed properties to sell.
Home-flipping returns by state
Home-flipping returns by state
Homes flipped in Pennsylvania generated the largest return on investment in 2024, providing an 83.8% return on average, according to Attom. While significant, that’s down from 2022, when houses flipped in the state had an average return of 85.6%. It’s also well off the overall 2022 maximum average ROI of 130% from homes flipped in Delaware.
Only four other states -- Delaware, Maryland, Louisiana, and Kentucky -- had average returns on investment for house flipping of more than 60%. In 2021, eight states had average returns on house flipping of more than 60%.
In terms of gross profit, flips in Washington, D.C., brought in the most cash on average, or $194,000. That’s down from $215,012 in 2022.
Fix-and-flippers in Montana had it the worst in 2024; house flipping there only netted investors a 3.2% return on average in 2024, which was worth $13,443.
The ROI for house flipping grew in 23 states from 2024 compared to 28 states in 2023. These are the states that saw the largest increase in ROI:
- District of Columbia: 34.1% gross flipping ROI in 2023 to 43.7% ROI in 2024.
- Nebraska: 37.1% to 46.4%
- Ohio: 37% to 45.5%
- Wyoming: 10.1% to 15.4%
- Louisiana: 59.9% to 65%
- Washington: 25% to 30%
- Arizona: 9.6% to 14.6%
- Nevada: 13.8% to 18.4%
- Tennessee: 54.3% to 58.8%
- Utah: 5.4% to 9.4%
The states that saw the largest drop in ROI from the 2023 to 2024:
- West Virginia: 65% gross flipping ROI in 2023 to 38% in 2024
- Delaware: 95% ROI to 71%
- Arkansas: 59% ROI to 39%
- Connecticut: 52% ROI to 44%
- New Jersey: 61% ROI to 54%
The best and worst markets for house flipping
Ocala, Florida, boasts the best returns for house flippers, netting them an average of 233.3% back on their investments in 2024.
Pennsylvania is home to 4 of the 10 best markets for house flipping by ROI: Pittsburgh, Scranton, Erie, and Harrisburg-Carlisle.
The best market by gross profit is San Jose-Sunnyvale-Santa Clara in California, where flippers made an average of $283,000.
The worst market for house flipping is Austin-Round Rock, Texas. The average ROI was 2.1%, the lowest in the country, and profits were just $8,844.
These are the best and worst markets for house flipping by gross return on investment in 2024.
Best markets for house flipping by ROI
| Market | 2024 Flipping Gross Profit | 2024 Gross ROI |
|---|---|---|
| Ocala, FL | $175,000 | 233.3% |
| Pittsburgh, PA | $106,196 | 110.9% |
| Buffalo-Cheektowaga-Niagara Falls, NY | $120,000 | 109.1% |
| Scranton-Wilkes-Barre-Hazleton, PA | $94,300 | 104.8% |
| Erie, PA | $82,000 | 96.5% |
| Harrisburg-Carlisle, PA | $119,900 | 92.2% |
| Salisbury, MD-DE | $213,738 | 91.0% |
| Johnson City, TN | $121,000 | 86.7% |
| Flint, MI | $60,000 | 85.7% |
| Mobile, AL | $77,044 | 85.6% |
Worst markets for house flipping
Worst markets for house flipping by ROI
| Market | 2024 Flipping Gross Profit | 2024 Gross ROI |
|---|---|---|
| Austin-Round Rock, TX | $8,844 | 2.10% |
| Warner Robins, GA | $8,000 | 3.10% |
| College Station-Bryan, TX | $9,736 | 3.50% |
| Boise City, ID | $17,347 | 4.00% |
| Provo-Orem, UT | $22,719 | 4.80% |
| Rochester, MN | $15,242 | 5.80% |
| Killeen-Temple, TX | $12,675 | 5.90% |
| Greeley, CO | $27,100 | 6.40% |
| Medford, OR | $24,450 | 6.50% |
| Amarillo, TX | $10,906 | 7.30% |
The bottom line for investing in house flipping
House flipping is not generating the same return on investment as in years past, but gross profit has shown promising signs. House prices were growing faster than the value of flipped homes for a number of years, which has cut into returns.
Inflation, stubbornly high mortgage rates, and other economic headwinds challenged homebuyers in recent years as well as home flippers who were looking to resell. Still, house flipping remains popular, and there are lucrative markets to tap into. Cooling inflation and declining mortgage rates might provide a boost to the industry.
Statistics aren't everything, but they can provide a good idea of what sort of competition house flippers face and in which markets to focus investments. They also offer a baseline to set expectations for profits and ROI.
The bottom line is that the capital costs of house flipping remain high, while returns have shrunk.
Thankfully, there’s more than one way to invest in real estate, including residential real estate. Real estate investment trusts, or REITs, are among the most accessible ways for anyone to gain exposure to real estate without having to oversee a construction project and put a sizable amount of cash on the line.
Sources
Attom Data (2025). “Home Flipping Declines Again Across U.S. in 2024 as Profits Remain Low.”
