Redfin released an analysis today about flipped houses in major markets and found that DC had several of the hottest neighborhoods for home flipping in the country last year. Petworth ranked #1 in the country with average gain of $312,400 per flip. Brookland/Catholic University ranked 3rd with an average gain of $271,900 per flip. Fort Totten and Stadium Armory ranked #6 and #7 respectively. This gain is the difference in value between purchase price and sale price for homes bought and sold within a year; it does not factor in remodeling or other costs.
In our metro, the average gain for a flipped home was $104,100 in 2013. Last year 4,260 homes were flipped in the DC metro – according to our analysis of MLS data – with a median flip time of 172 days. And 73.2 percent of these homes were flipped for a gain. The analysis shows that our market continues to see high levels of flipping activity this year.
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