A total of 297,885 single-family homes and condos were flipped in 2024, according to data from ATTOM. This is a 7.7% decline from the 322,782 flips in 2023 and a 32.4% from a recent peak of nearly 441,000 reached in 2022. Only 7.6% of home sales in 2024 were flips, down from 8.1% in 2023.
While the quantity of flips declined, the gross profits on typical home flips in 2024 increased to $72,000 nationwide, up from $67,846 in 2023. This translated into a 29.6% return on investment compared to the original acquisition price, up from 28.6% in 2023 and from 29.4% in 2022.
Home flippers who sold homes in 2024 took an average of 162 days to complete the flips, down from 169 days for homes flipped in 2023 and 165 days in 2022.
“The home-flipping industry saw investors shy away even more in 2024 amid the extended period of languishing profits. But even as activity waned, there was at least a glimmer of hope that returns were starting to turn around,” said Rob Barber, CEO at ATTOM. “While home flippers still seemed to be having difficulty timing the market for big profits, their margins at least stopped going in the wrong direction.”
Barber predicted that 2025 “poses significant uncertainty for investors, what with a short supply of homes for sale, declining numbers of low-priced foreclosure properties, mixed economic forecasts and elevated mortgage rates. So, they will have to do some very smart buying and quick renovating to keep the profit rebound going.”
