Study: Best U.S. cities to flip homes
More than 126,000 U.S. homes were flipped last year – the highest rate since 2007, according to a study by WalletHub. The average gross profit on a single home flip? Nearly $63,000.
Overall, Florida metro areas ranked in the top 25 percent for home flipping, with only cities in South Florida ranked below 50 percent. Miami ranked lowest out of Florida metros for home flipping, but at No. 110 it still ranked better than about 25 percent of all U.S. metro areas.
WalletHub looked at three broad categories to create its “Best & Worst Places to Flip Houses” study:
- Market Potential: ROI, purchase price, share of home flips, average days to flip and more
- Renovation & Remodeling Costs: Average costs for kitchens, bathrooms, full homes and more
- Quality of Life: Crime rates, schools, walkable park access, job growth and more
Tampa was the only Florida city to make the top 10, though Orlando followed closely behind at No. 16.
Florida ranking of top flipping metro areas out of 150 in U.S.
6. Tampa (Market potential 8; remodeling costs 19; quality of life: 66)
16. Orlando (Market potential 29; remodeling costs 23; quality of life: 70)
24. Pembroke Pines (Market potential 33; remodeling costs 63; quality of life: 25)
36. St. Petersburg (Market potential 6; remodeling costs 79; quality of life: 79)
51. Cape Coral (Market potential 98; remodeling costs 71; quality of life: 18)
55. Jacksonville (Market potential 14; remodeling costs 69; quality of life: 111)
58. Tallahassee (Market potential 42; remodeling costs 34; quality of life: 128)
69. Port St. Lucie (Market potential 83; remodeling costs 85; quality of life: 24)
84. Fort Lauderdale (Market potential 49; remodeling costs 58; quality of life: 134)
90. Hialeah (Market potential 24; remodeling costs 83; quality of life: 121)
110. Miami (Market potential 91; remodeling costs 87; quality of life: 116)
Florida cities also ranked in the top five in some of WalletHub’s secondary reports. Orlando, for example, is third nationwide for the number of real estate agents per capita. Only Seattle and Atlanta have more.
Tampa (No. 2) and Orlando (No. 3) made the top five for the percentage of home flips. Only Memphis, Tenn., had more.
About Empire Appraisal Group, Inc.
Empire Appraisal Group, Inc. has been helping people make informed real estate decisions since 2005. They are Broward County’s leading residential appraisal company as a result of their accurate and reliable appraisals, excellent customer service, and quick turn times. When working with an appraiser, integrity and professionalism are essential, and Empire Appraisal Group has a well-established reputation for providing the best appraisal experience. Daniel Lindeman, the Chief Appraiser, is considered one of the top property appraisers in Florida, with nearly 15 years of expertise and 8,000+ appraisals to his credit.
We ‘specialize’ in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.
We also work closely with realtors to help establish listing prices, these pre-listing appraisals ensures sellers get top dollar for their home.
In addition, to homes of all shapes and sizes, we also appraise condos, multifamily homes, boat docks, land, as well as specialty properties. No job is too big or too small, from manufactured homes to mansions.
Call Empire Appraisal Group directly with any questions concerning your real estate values at 561-441-9298. Also, check out our ‘Reviews’ page and see what others are saying about Daniel Lindeman and Empire Appraisal Group, Inc.
We provide residential appraisal services to all cities in Broward County: Parkland, Coral Springs, Coconut Creek, Dania Beach, Cooper City, Davie, Deerfield Beach, Fort Lauderdale, Sunrise, Hallandale Beach, Hillsboro Beach, Hollywood, Lauderdale by the Sea, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Miramar, North Lauderdale, Oakland Park, Pembroke Pines, Plantation, Pompano Beach, Sea Ranch Lakes, Tamarac, Weston, Wilton Manors.