While Memphis, Tenn., had the highest share of flipped properties (number of flipped home sales as a percentage of all home sales) in first quarter 2016 followed by Fresno, Calif., Lakeland-Winter Haven, Fla., came in third, according to CoreLogic data on the 86 largest U.S. metro areas.
While a Florida metro area took the No. 3 spot, the state has the highest overall flipping activity. Seven of the top 10 markets on CoreLogic’s flipping list and eight of the top 20 markets are all in Florida.
The median gross profit per property flip ranges from a low of $23,430 in Birmingham-Hoover, Ala., to $124,000 in San Jose-Sunnyvale-Santa Clara, Calif. However, as a percentage, the median gross profit is only 20.2 percent in San Jose-Sunnyvale-Santa Clara – and a high of 68.4 percent in Chicago-Naperville-Arlington Heights, Ill.
CoreLogic’s top 20 metro areas for property flips
City and rank – percent of sales that are flips – median gross profit – average days to flip
1. Memphis, Tenn. – 8.8% of sales – 55.6% profit – 111 days
2. Fresno, Calif. – 8.43% of sales – 44.8% profit – 147 days
3. Lakeland-Winter Haven – 7.54% of sales – 50.6% profit – 138 days
4. Virginia Beach-Norfolk-Newport News, Va. – 7.38% of sales – 59.5% profit – 160 days
5. Miami-Miami Beach-Kendall – 6.85% of sales – 40.2% profit – 146 days
6. Tampa-St. Petersburg-Clearwater – 6.80% of sales – 56.6% profit – 154 days
7. Orlando-Kissimmee-Sanford – 6.80% of sales – 44.4% profit – 146 days
8. Deltona-Daytona Beach-Ormond Beach – 6.74% of sales – 50.0% profit – 149 days
9. Fort Lauderdale-Pompano Beach-Deerfield Beach – 6.60% of sales – 39.6% profit – 144 days
10. Palm Bay-Melbourne-Titusville – 6.60% of sales – 67.4% profit – 159 days
11. Los Angeles-Long Beach-Glendale, Calif. – 6.39% of sales – 35.4% profit – 168 days
12. Phoenix-Mesa-Scottsdale, Ariz. – 6.39% of sales – 32.2% profit – 146 days
13. Birmingham-Hoover, Ala. – 6.22% of sales – 28.6% profit – 132 days
14. Tacoma-Lakewood, Wash. – 6.16% of sales – 49.4% profit – 159 days
15. Jacksonville – 6.01% of sales – 58.0% profit – 147 days
16. Cincinnati, Ohio – 5.97% of sales – 46.9% profit – 144 days
17. Sacramento-Roseville-Arden-Arcade, Calif. – 5.86% of sales – 38.2% profit – 157 days
18. Chicago-Naperville-Arlington Heights, Ill. – 5.57% of sales – 68.4% profit – 158 days
19. Richmond, Va. – 5.48% of sales – 68.2% profit – 160 days
20. San Jose-Sunnyvale-Santa Clara – 5.45% of sales – 20.20% profit – 114 days
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