15 Cities Where House Flipping Has Become Lucrative Again

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By Steven Perlberg

Real estate investors are getting back in the flipping game, netting an average gross profit of nearly $20,000 on single family home flips in the first half of 2013. Home flips are up 19 percent from a year ago and 74 percent from the first half of 2011, according to a new report from RealtyTrac.

"While flipping continues to be profitable in most markets, particularly those where the home price recovery is still nascent and a recent rebound in foreclosure activity allows investors to find distressed inventory at a discount, home flipping is tapering off in markets where fewer of those distressed bargains are available," Daren Blomquist, vice president at RealtyTrac, said in the statement.

"Flipping was on the rise in more than two-thirds of the markets, including New York, Washington, D.C., Chicago and several Florida metros," he said. The average flipper in the following 15 metro areas earned 10 percent to 82 percent flipping their homes.

HAVENS FOR HOUSE FLIPPERS:
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15 Cities Where House Flipping Has Become Lucrative Again

Single Family Flips (first half 2013): 2,417
YoY change: 75%
Average purchase price: $141,192
Average gross profit: $14,394
Gross profit percentage: 10%

Find homes for sale in Orlando and Kissimmee, Fla., or search real estate listings in your area.

Source: Realtytrac
Photo Credit: Barry Lewis, Flickr

Single Family Flips (first half 2013): 5,485
YoY change: 437%
Average purchase price: $376,224
Average gross profit: $39,458
Gross profit percentage: 10%

Find homes for sale in New York and New Jersey, or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 1,191
YoY change: 85%
Average purchase price: $123,938
Average gross profit: $13,996
Gross profit percentage: 11%

Find homes for sale in Cincinnati and Middletown, Ohio, or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 3,169
YoY change: 108%
Average purchase price: $403,441
Average gross profit: $46,205
Gross profit percentage: 11%

Find homes for sale in Washington, DC, or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 2,845
YoY change: 86%
Average purchase price: $195,360
Average gross profit: $23,099
Gross profit percentage: 12%

Find homes for sale in Chicago, Ill., or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 542
YoY change: 14%
Average purchase price: $206,765
Average gross profit: $26,565
Gross profit percentage: 13%

Find homes for sale in Virginia Beach, Va., or search real estate listings in your area.

Source: Realtytrac
Photo Credit: U.S. Fish and Wildlife Service Northeast Region, Flickr

Single Family Flips (first half 2013): 551
YoY change: 97%
Average purchase price: $229,813
Average gross profit: $29,850
Gross profit percentage: 13%

Find homes for sale in Charlseton, S.C., or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 1,823
YoY change: 260%
Average purchase price: $133,968
Average gross profit: $21,326
Gross profit percentage: 16%

Find homes for sale in Jacksonville, Fla., or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 1,401
YoY change: 14%
Average purchase price: $134,644
Average gross profit: $22,524
Gross profit percentage: 17%

Find homes for sale in Cape Coral and Fort Myers, Fla., or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 1,001
YoY change: 105%
Average purchase price: $105,824
Average gross profit: $18,433
Gross profit percentage: 17%

Find homes for sale in Port Saint Lucie, Fla., or search real estate listings in your area.

Source: Realtytrac
Photo Credit: Jeremy Glass, Flickr

Single Family Flips (first half 2013): 2,673
YoY change: 32%
Average purchase price: $102,193
Average gross profit: $23,446
Gross profit percentage: 23%

Find homes for sale in Tampa, Fla., or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 617
YoY change: 79%
Average purchase price: $114,355
Average gross profit: $36,537
Gross profit percentage: 32%

Find homes for sale in Pittsburgh, Pa., or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 528
YoY change: 267%
Average purchase price: $127,896
Average gross profit: $43,721
Gross profit percentage: 34%

Find homes for sale in Palm Coast, Fla., or search real estate listings in your area.

Source: Realtytrac
Photo Credit: Millennium Luxury Coaches, Flickr

Single Family Flips (first half 2013): 2,662
YoY change: 329%
Average purchase price: $153,617
Average gross profit: $85,537
Gross profit percentage: 56%

Find homes for sale in Omaha, Neb., or search real estate listings in your area.

Source: Realtytrac

Single Family Flips (first half 2013): 729
YoY change: 111%
Average purchase price: $62,826
Average gross profit: $51,657
Gross profit percentage: 82%

Find homes for sale in Daytona Beach, Fla., or search real estate listings in your area.

Source: Realtytrac

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