Gross profits on homes flipped in the first quarter of 2024 rose for the third time in 12 months, but are still below peaks reached in 2016, a new report from ATTOM reveals.
"Home flippers typically earned a 30.2% gross profit nationwide before expenses on homes sold during the first quarter," according to ATTOM's Home Flipping Report. "Gross profits on typical flips around the country increased to $72,375. That remained down from a high of about $80,000 reached in 2022. But it was up from $65,000 in the fourth quarter of 2023 and was about $10,000 above last year's low point."
The report, however, suggested a cautious view of actual profit. The typical profit margin, it warned, "stayed within a range that could easily be wiped out by carrying costs that include renovation expenses, mortgage payments, and property taxes."
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