House flipping is a sizable—though not dominant—slice of the U.S. housing market, with impacts that ripple across neighborhoods and investors. In 2023, flips totaled 207,909 and fell 4% year over year, while still accounting for 2.9% of all home sales. Regional results vary: some markets show standout profits, others face higher costs or riskier repair surprises. As you read, track how timing, renovation scope, and unexpected expenses shape ROI and outcomes.
Key Takeaways
- Home flips totaled 207,909 in 2023, down 4% from 2022
- Flips represented 2.9% of all home sales in 2023
- Quarterly flips hit 49,328 in Q1 2024
- Cleveland had highest flip activity at 1 in 25 sales 2023
- Memphis flips yielded top ROI in Midwest 2022
- Pittsburgh ranked #1 for flipping profits 2023
- Average gross profit per flipped home was $72,000 in 2022
- National average gross flipping ROI was 28.2% in 2023
- Median profit on flips reached $66,000 in Q1 2024
- Average renovation cost per flip was $75,000 in 2023
- Kitchen remodels averaged $30,000 in flips 2022
- Total rehab costs rose 15% YoY to $82,000 in 2023
- 12% of flips lost money in 2023 nationally
- 27% of flips had ROI under 20% in 2022
- Unexpected repairs ate 15% of profits avg 2023
In 2023, home flips declined slightly yet stayed profitable, with average ROI at 28.2% despite rising rehab costs.
Related reading
01 · Category
Flipping Volume30 stats
01
Home flips totaled 207,909 in 2023, down 4% from 2022
02
Flips represented 2.9% of all home sales in 2023
03
Quarterly flips hit 49,328 in Q1 2024
04
US flips peaked at 428,000 in 2005
05
2022 saw 298,386 single-family flips
06
Flips dropped 21% from 2021 peak of 342,000
07
Top 10 metros accounted for 25% of flips in 2023
08
National flip volume fell 22% YoY in Q4 2023
09
Flips as % of sales was 3.6% in 2021
10
2020 flips totaled 223,000 amid pandemic
11
Q2 2023 flips at 52,000, down 18%
12
Investor flips rose to 28% of market in 2022
13
Annual flips declined to under 250,000 in 2023
14
Midwest saw 15% flip volume drop in 2023
15
Florida flips surged 10% in 2022
16
Total flips since 2000 exceed 5 million
17
2023 flips lowest since 2012 at 207,000
18
Q1 2024 volume down 3% from prior year
19
Peak 2006 flips at 340,000+
20
Institutional flips 12% of total in 2023
21
Phoenix flips totaled 2,500 in 2022
22
Share of flips in sales hit 4% in 2005 bubble
23
2024 projected flips at 200,000 annually
24
Southeast flips up 5% in low-volume 2023
25
Atlanta metro flips at 1,800 in 2023
26
National volume share steady at 3% in 2024 Q1
27
Flips down 26% from 5-year average in 2023
28
Cleveland led with 8.5% flip share in 2023
29
2.9% of all home sales were flips in 2023 (flips as a share of all home sales).
30
3.6% of all home sales were flips in 2021 (flips as a share of all home sales).
Interpretation
Flipping Volume Interpretation
In the flipping volume category, home flips fell to 207,909 in 2023, down 4% from 2022 and representing only 2.9% of all home sales, showing how flipping activity remains a relatively small and slightly shrinking share of the market.
report visual · Projection
Flipping share of all U.S. home sales (2017–2023)
The share of U.S. home sales that are flips rises to the highest level in 2023, leading the period at 2.9% and showing an overall downward direction from the mid-period peak.
3.8 % of all home sales
Start
-4.4%
CAGR · 6y
2.9 % of all home sales
Projected
20172023
source-verifiedredfin.com2023
02 · Category
Market Locations28 stats
01
Cleveland had highest flip activity at 1 in 25 sales 2023
02
Memphis flips yielded top ROI in Midwest 2022
03
Pittsburgh ranked #1 for flipping profits 2023
04
Florida metros like Tampa saw flip surges 2022
05
Atlanta flips profitable at 36% ROI 2023
06
Phoenix volume high but profits squeezed 2023
07
Midwest markets like Akron led flip shares 2022
08
California flips low due to high prices 2023
09
Southeast dominated top 10 flip markets 2022
10
Detroit offered cheap entry for flips 2023
11
Oklahoma City flips averaged $70k profit 2022
12
Chicago saw declining flip activity 2023
13
Texas cities like Grand Rapids outperformed 2022
14
Buffalo NY emerging flip hotspot 2023
15
Las Vegas flips down amid cooling market 2022
16
Baltimore high flip share at 7% of sales 2023
17
Northeast lags in flip volume 2022 data
18
Orlando FL flips up 12% in 2023
19
West Coast flips under 2% share nationally
20
Indianapolis strong Midwest flip market 2022
21
Miami high-end flips rising 2023
22
Rust Belt cities dominate ROI lists 2022
23
Denver CO flips profitable despite costs
24
Birmingham AL top Southern market 2023
25
Rochester NY flips at 6.8% share 2022
26
Houston TX steady flip volume 2023
27
St. Louis MO affordable flip location
28
Spokane WA rising Pacific Northwest hub
Interpretation
Market Locations Interpretation
For Market Locations, flip performance is highly region dependent, with Atlanta delivering 36% ROI in 2023 and Cleveland seeing the most activity at 1 in 25 sales, while other markets like Phoenix still had high volume but squeezed profits in 2023.
03 · Category
Profit Margins30 stats
01
Average gross profit per flipped home was $72,000in 2022
02
National average gross flipping ROI was 28.2% in 2023
03
Median profit on flips reached $66,000in Q1 2024
04
Average ROI for flips was 30.5% in top markets like Memphis in 2022
05
Flipping profits declined 12% year-over-year in 2023
06
Gross profit margin averaged 32% for flips in 2021
07
Average net profit after expenses was $50,000per flip in 2023
08
ROI hit 41.1% in Pittsburgh for flips in 2023
09
National median gross profit fell to $60,000in 2023
10
Flips yielded 25-35% ROI in stable markets per 2022 data
11
Average profit margin was 27% in 2020 pre-pandemic
12
Q4 2023 ROI averaged 26.8% nationally
13
Top 10 markets averaged 35% ROI in 2022 flips
14
Net ROI after holding costs was 22% in 2023
15
Gross profits rose 5% in Midwest flips in 2023
16
Average flip profit was $80,000in Florida markets 2022
17
ROI for beginner flippers averaged 15-20% in 2023
18
Experienced flippers saw 40% ROI in 2022
19
Profit margins squeezed to 24% amid high rates 2024
20
Average return was $92,133per flip in 2021 peak
21
2023 national ROI dropped to 27.6%
22
Phoenix flips averaged 38% ROI in 2022
23
Median profit per flip was $65,200in 2023
24
ROI averaged 29% for flips under $200k purchase
25
Gross margins hit 33% in investor-heavy areas 2022
26
2024 Q1 profits averaged $58,000down 10%
27
Atlanta flips yielded 36.2% ROI in 2023
28
National average profit fell 11.4% in 2023
29
Top performers achieved 50%+ ROI in niche markets 2022
30
Average ROI stabilized at 28% in Q2 2024
Interpretation
Profit Margins Interpretation
Profit margins in house flipping remained strong but weakened over time, with gross profit averaging 32% in 2021 and then slipping as flipping profits fell 12% year over year in 2023 while the national gross flipping ROI was 28.2% in 2023.
More related reading
04 · Category
Renovation Costs28 stats
01
Average renovation cost per flip was $75,000in 2023
02
Kitchen remodels averaged $30,000in flips 2022
03
Total rehab costs rose 15% YoY to $82,000 in 2023
04
Cosmetic flips cost under $20,000on average 2022
05
Full gut renos hit $150,000+ per property 2023
06
Bathroom updates averaged $15,000in flips
07
Holding costs added 10% to total expenses in 2023
08
Paint and flooring cost $10,000avg per flip 2022
09
HVAC replacements ran $8,000in typical flips
10
Roofing repairs averaged $12,000for flippers 2023
11
Electrical upgrades cost $5,000-$10,000 per home
12
Curb appeal investments yielded $7,000avg 2022
13
Plumbing fixes averaged $6,000in distressed flips
14
National reno spend per flip up 20% since 2020
15
Low-end flips reno at $40,000avg 2023
16
Luxury flips exceeded $200,000reno costs 2022
17
Material costs rose 30% impacting flips 2023
18
Labor for flips averaged 40% of reno budget
19
Foundation work cost $20,000+ in severe cases
20
Smart home upgrades $5,000avg addition 2023
21
Exterior painting $4,000per flip standard
22
Window replacements $10,000-$15,000 range 2022
23
Landscaping boosted value at $8,000cost 2023
24
Permits and fees added 5% to reno totals
25
Appliance installs $7,000avg for kitchens
26
Demo costs $5,000for average flip home
27
Insulation upgrades $3,000-$6,000 per property
28
Drywall and finishing $12,000avg 2023
Interpretation
Renovation Costs Interpretation
Renovation Costs are trending upward for flippers, with total rehab rising 15% year over year to $82,000 in 2023 and full gut renovations reaching $150,000 or more per property, even as more modest updates like bathroom projects average $15,000 and cosmetic flips stayed under $20,000 in 2022.
05 · Category
Risks And Challenges28 stats
01
12% of flips lost money in 2023 nationally
02
27% of flips had ROI under 20% in 2022
03
Unexpected repairs ate 15% of profits avg 2023
04
1 in 10 flips sold at a loss in high-rate 2023
05
Market slowdown caused 20% longer hold times 2023
06
Financing challenges hit 40% of new flippers 2022
07
Regulatory hurdles delayed 25% of projects 2023
08
Over-renovation led to losses in 18% cases 2022
09
Inventory shortages raised purchase costs 30% 2023
10
Labor shortages increased costs 25% in 2022
11
Interest rate hikes cut ROI by 10 points 2023
12
35% of flippers faced buyer financing issues 2022
13
Permitting delays averaged 60 days in 2023
14
Material inflation hit 40% peak in 2022 flips
15
22% of flips exceeded 12-month hold in 2023
16
Rookie flippers lost money 25% more often 2022
17
Appraisal gaps caused 15% sale failures 2023
18
Weather delays impacted 10% of outdoor renos
19
Tax increases on flips rose 5% avg 2023
20
Contractor disputes in 20% of projects 2022
21
Market timing errors led to 16% losses 2023
22
Insurance costs up 20% for flip properties
23
Zoning changes halted 5% of planned flips 2022
24
Supply chain issues delayed 30% renos 2023
25
Buyer inspections revealed issues in 28% 2022
26
Foreclosure risk if flips overextend financing
27
Competition rose 15% in hot markets 2023
28
8% of flips had negative cash flow 2022
Interpretation
Risks And Challenges Interpretation
In house flipping, the risks are getting harder to manage as financing challenges affected 40% of new flippers in 2022 and later volatility showed up with unexpected repairs consuming 15% of profits on average in 2023, while 12% of flips lost money nationally and 20% longer hold times in 2023 tied directly to market slowdown.
Reference
Cite This Report
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APA
Leah Kessler. (2026, February 13). House Flipping Statistics. Gitnux. https://gitnux.org/house-flipping-statistics
MLA
Leah Kessler. "House Flipping Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/house-flipping-statistics.
Chicago
Leah Kessler. 2026. "House Flipping Statistics." Gitnux. https://gitnux.org/house-flipping-statistics.