13 US housing markets where speculators are making a killing flipping homes

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Putting in some elbow grease.
source
REUTERS/Phil McCarten

Flipping homes is on the rise, according to real-estate data-tracking firm RealtyTrac.

This practice of buying a house, fixing it up, and then quickly selling it is a popular way to book a quick profit.

“After curtailing flipping activity last year due to slowing home price appreciation and shrinking inventory of flip-worthy homes, real estate investors have started to jump back on the flipping bandwagon in 2015,” said Daren Blomquist, vice president at RealtyTrac.

According to a RealtyTrac study, 43,197 homes were flipped during the third quarter, which accounted for 5% of all home sales in the US.

Additionally, flippers are seeing profits rise on the houses. Flippers averaged $62,122 in profits for the third quarter, which is up slightly from an average profit of $61,781 during the same quarter last year.

We took RealtyTrac’s data and compiled a list of the top 13 counties in the US where flippers made more than 65% return on investment during the third quarter. The list is ranked from lowest return to highest and includes the average gross profit, purchase price for flippers, and selling price.

Check them out below.


13. Middlesex, Connecticut

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A house in Clinton, Connecticut, part of Middlesex County.
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Wikimedia Commons

Average Gross Return on Investment: 64.8%

Average Gross Profit: $88,890

Average Purchase Price: $137,130

Average Flipped Price: $226,020

Source: RealtyTrac


12. Camden, New Jersey

source
Wikimedia Commons

Average Gross Return on Investment: 67.5%

Average Gross Profit: $91,054

Average Purchase Price: $134,853

Average Flipped Price: $225,907

Source: RealtyTrac


11. Cook, Illinois

source
chicagogeek/flickr

Average Gross Return on Investment: 68.0%

Average Gross Profit: $94,598

Average Purchase Price: $139,035

Average Flipped Price: $233,633

Source: RealtyTrac


10. St. Louis City, Missouri

source
Point2 Homes

Average Gross Return on Investment: 70.9%

Average Gross Profit: $33,894

Average Purchase Price: $47,780

Average Flipped Price: $81,674

Source: RealtyTrac


9. Philadelphia, Pennsylvania

source
Wikimedia Commons

Average Gross Return on Investment: 72.0%

Average Gross Profit: $47,909

Average Purchase Price: $66,543

Average Flipped Price: $114,452

Source: RealtyTrac


8. Jefferson, Louisiana

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A raised house in Jean Lafitte, southern Jefferson Parish, Louisiana.
source
Wikimedia Commons

Average Gross Return on Investment: 72.4%

Average Gross Profit: $66,620

Average Purchase Price: $91,956

Average Flipped Price: $158,577

Source: RealtyTrac


7. Berks, Pennsylvania

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A street in Hamburg, Pennsylvania, part of Berks County.
source
Wikimedia Commons

Average Gross Return on Investment: 73.4%

Average Gross Profit: $72,371

Average Purchase Price: $98,534

Average Flipped Price: $170,905

Source: RealtyTrac


6. Niagara, New York

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Houses on Park Place, High and Locust Streets in the Historic District of Lockport, New York.
source
Wikimedia Commons

Average Gross Return on Investment: 74.7%

Average Gross Profit: $40,758

Average Purchase Price: $54,529

Average Flipped Price: $95,287

Source: RealtyTrac


5. Prince George’s County, Maryland

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A house for sale in Riverdale, Maryland, part of Prince George’s County.
source
Zillow

Average Gross Return on Investment: 74.8%

Average Gross Profit: $109,153

Average Purchase Price: $145,896

Average Flipped Price: $255,048

Source: RealtyTrac


4. Jackson, Michigan

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The Berthold S. Rummler House in Jackson, Michigan.
source
Wikimedia Commons

Average Gross Return on Investment: 82.4%

Average Gross Profit: $54,214

Average Purchase Price: $65,786

Average Flipped Price: $120,000

Source: RealtyTrac


3. New London, Connecticut

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A home in New London County, Connecticut.
source
Wikimedia Commons

Average Gross Return on Investment: 85.9%

Average Gross Profit: $88,900

Average Purchase Price: $103,438

Average Flipped Price: $192,338

Source: RealtyTrac


2. Cumberland, New Jersey

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A house in Cumberland County.
source
Wikimedia Commons

Average Gross Return on Investment: 98.3%

Average Gross Profit: $67,692

Average Purchase Price: $68,833

Average Flipped Price: $136,525

Source: RealtyTrac


1. Allegheny, Pennsylvania

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Houses in Pittsburgh, Pennsylvania, part of Allegheny County.
source
Google Maps

Average Gross Return on Investment: 99.3%

Average Gross Profit: $76,780

Average Purchase Price: $77,330

Average Flipped Price: $154,110

Source: RealtyTrac


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