May 8, 2024 - Real Estate

D.C. saw flipped home sales drop last year

Data: ATTOM. Note: A flip is defined as any transaction between an unrelated buyer and seller within 12 months of a previous transaction. Chart: Axios Visuals

The share of home sales in the D.C. area that were flips dropped at the end of last year compared to the same period in 2022, per real estate data company ATTOM.

Why it matters: 2023 saw decreased inventory and sales across the board as people held on to homes while waiting out mortgage rates, or because they were locked into pandemic-era rates.

The big picture: In 2023, house flipping activity nationwide dropped 29.3%, the biggest annual decline since 2008, according to the report.

  • The return on investment at 27.5% hasn't been this bad since 2007. The ROI was down from 28.1% in 2022 and 35.7% in 2021.

By the numbers: At the end of 2023, the share of total DMV sales that were flipped homes was 5.4% — a 17.4% decrease from the same period in 2022.

What's next: Buying a fixer-upper is one way for wishful homeowners to squeak out a deal in some U.S. markets if they can beat investors. In D.C., buying a house that needs some work could save $74,900, per a recent StorageCafe study.

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