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A total of 67,394 single-family homes and condominiums were flipped in during the first quarter of this year, according to new data from ATTOM. This represented 8.3% of all home sales during the quarter, up from 7.4% in the previous quarter but down from 8.7% one year earlier. Despite the quarterly uptick, the nationwide total of flipped residences marked the lowest number in a quarter since 2018.

The typical investor paid $260,000 for a home they flipped in the first quarter and sold the property for $325,000. ATTOM noted returns on this activity are down – the typical flipped home netting a 25% return on investment (before expenses) in the first quarter, down from 28% in the previous quarter and continued a gradual decline from the recent high of 48.8% in the fall of 2020. Gross profits on a typical flipped home – the difference between the median purchase and median resale price for home flips – were down to $65,000 from $70,000 in the fourth quarter of 2024.

Nationwide, 62.2% of homes flipped in the first quarter were purchased in all-cash sales, down slightly from 63.4% in the previous quarter but virtually unchanged as the same time last year.

“The competitive home market means high prices, which is good for short-term investors on the selling end,” said Rob Barber, CEO at ATTOM. “But that dynamic is also making it harder to find underpriced homes to buy up and it’s ultimately squeezing profit margins for the industry. It’s tricky to balance at times when the market looks like it could take a downturn,” he added. “Investors don’t want to buy a property when prices are high and then see them drop before they’re ready to sell.”