MEMPHIS, TN (WMC) - With more than 126,000 house-flipping investors in 2016 – the highest rate since 2007 – and an average gross profit of nearly $63,000, also a new ceiling since 2000, the personal-finance website WalletHub took an in-depth look at 2017's Best Places to Flip Houses.
To help serious real-estate investors find the best markets to list their flipped properties, WalletHub's data team compared the 150 largest U.S. cities in 22 key areas, including median purchase price, average full home remodeling costs, and housing-market health index.
Memphis ranked #1 nationally in the percentage of homes flipped (11.67%), which was almost four times higher than Pittsburgh (3.03%).
Best Cities to Flip Houses
- El Paso, TX
- Sioux Falls, SD
- Fort Wayne, IN
- Peoria, AZ
- Oklahoma City, OK
- Tampa, FL
- Grand Rapids, MI
- Boise, ID
- Greensboro, NC
- Springfield, MO
Best vs. Worst
Pittsburgh, Pennsylvania, has the highest average gross return on investment, 130 percent, which is 5.9 times higher than in San Jose, California, the city with the lowest at 22 percent.
Cleveland has the lowest median purchase price, $46,250, which is 14.1 times lower than in San Jose, California, the city with the highest at $654,250.
Seattle has the highest housing-market health index, 9.833, which is 50 times higher than in New Orleans, the city with the lowest at 0.197.
Orlando, Florida, has the most real-estate agents (per 100,000 residents), 163, which is 16.3 times more than in Brownsville, Texas, the city with the fewest at 10.
Little Rock, Arkansas, has the lowest average full home remodeling costs, $75,888, which is five times lower than in Atlanta, the city with the highest at $375,734.
To view the full report and see where Memphis ranked overall, as well as other Mid-South cities, click here.