ATTOM released its second quarter 2025 U.S. Home Flipping Report showing that 78,621 single-family homes and condominiums were flipped in the second quarter, accounting for 7.4 percent of home sales from April through June.
That was down from the first quarter of the year, when flipped homes accounted for 8.3 percent of all sales, and slightly lower than the 7.5 percent of sales posted in the second quarter of 2024. The quarter-over-quarter drop follows a seasonal trend: Flipped properties tend to make up a higher share of overall sales during the first quarter of the year, when there are fewer sales overall.
Profits for home flippers have been steadily falling for more than a decade. In the fall of 2012, the typical flipped home netted a 62.9 percent return on investment (before expenses). In the second quarter, the typical return was 25.1 percent, the lowest home flipping profit margin ATTOM has recorded in a quarter since the second quarter of 2008.
Gross profits were also down. The typical flipped home netted $65,300 in the second quarter, about 4 percent less than the previous quarter and 13.6 percent less year-over-year.
The median purchase price of homes to be flipped was $259,700 in the second quarter, the highest it has been since ATTOM began tracking the data in 2000. The median sales price of flipped homes was $325,000, the same as in the previous quarter.
“We’re seeing very low profit margins from home flipping because of the historically high cost of homes,” ATTOM CEO Rob Barber said in a release. “The initial buy-in for properties that are ideal for flipping, often lower priced homes that may need some work, keeps going up.
“As prospective homeowners get priced out of the middle and high end of the market, they’re more likely to be competing with flippers over the same homes,” Barber added.
Compared to the first quarter, the rate of home flips as a percentage of total property sales shrank 86.3 percent (158) of the 183 metropolitan statistical areas with sufficient data to analyze in ATTOM’s report. The rate of flips was down 55.7 percent (102) of the 183 metro areas compared to the second quarter of 2024.
The metro areas where home flips accounted for the largest shares of sales in the second quarter were Warner Robins, Ga. (18.5 percent of total sales); Macon, Ga. (15.5 percent); Atlanta (13.6 percent); Columbus, Ga. (13 percent); and Memphis, Tenn. (12.5 percent).
Besides Atlanta and Memphis, the metro areas with populations over 1 million that had the highest flipping rates were Birmingham, Ala. (11.8 percent); Cleveland (11.2 percent); and Columbus, Ohio (10.5 percent).
Of those largest metro areas, the ones with the smallest flipping rates were Seattle (4.1 percent of all home sales); New Orleans (4.5 percent); Boston (4.8 percent); Portland, Ore. (5 percent); and Honolulu (5 percent).
The typical home flipped in the second quarter was purchased by an investor for $259,700 and sold for $325,000, netting a 25.1 percent return on investment before expenses and $65,300 gross profit.
Profit margins dropped quarter-over-quarter to 58 percent (107) of the 183 metro areas in ATTOM’s analysis and were down year-over-year in 70 percent (128) of the markets.
The metro areas with the biggest quarterly drops in flipping profit margins were Fort Smith, Ark. (down from a typical return of 76.3 percent in the first quarter to 13.1 percent in the second quarter); Green Bay, Wis. (down from 70.1 percent to 19.3 percent); Clarksville, Tenn. (down from 65.5 percent to 26.2 percent); South Bend, Ind. (down from 85 percent to 52.1 percent); and Hilton Head Island, S.C. (down from 27 percent profit to a 2.9 percent loss on flipped homes).
Among metro areas with populations over 1 million, the biggest drop-offs were in Virginia Beach, Va. (down from 74.8 percent to 59.8 percent); Orlando, Fla. (down from 35.6 percent to 22.3 percent); Grand Rapids, Mich. (down from 41.4 percent to 28.6 percent); Jacksonville, Fla. (down from 38 percent to 27.2 percent); and Milwaukee (down from 45.2 percent to 35.3 percent).
Just over a quarter, 26.2 percent (48), of the 183 metro areas analyzed had typical profit margins on flipped homes at 50 percent or higher.
The areas with the largest typical profit margins in the second quarter of 2025 were Pittsburgh (106.8 percent); Shreveport, La. (104.2 percent); Scranton, Pa. (104.1 percent); Kalamazoo, Mich. (100 percent); and Buffalo, N.Y. (91.7 percent).
Besides Pittsburgh and Buffalo, the metro areas with populations over 1 million that had the highest typical gross profit margin were New Orleans (78.1 percent); Baltimore (75.5 percent); and Memphis, Tenn. (70.6 percent).
The large metro areas with the smallest typical profit margins were Austin, Texas (5.5 percent); San Antonio (7.7 percent); Dallas (9.3 percent); Raleigh, N.C. (10.3 percent); and Salt Lake City (10.8 percent).