Most people buy houses to live in them. Some people buy them to make short-term profits. The profit on a median-priced home nationwide, which cost $350,000 in the second quarter, was 47.4%. People who take the risk of flipping homes did very well in the second quarter of 2023. (These are each state’s worst county to live in.)
[in-text-ad]
“Just when it looked like the housing market was flattening out, prices spiked again, which pushed seller profits back up to nearly their highest level in the past decade,” said Rob Barber, CEO of property data provider ATTOM. This is mostly because there is little inventory, and even though mortgages are near 7%. Home flippers often pay cash, however.
The profit yield of a home purchased and one sold rose in 107 of the 156 markets compared to the first quarter.
The largest raw profit margins by city were in San Jose, San Francisco and San Diego, with profits of $600,00, $416,000 and $325,500, respectively, followed by Seattle at $285,000 and Naples, Florida, at $265,905. The west coast cities on the list are among the markets in the United States with the highest median prices.
24/7 Wall St.On the other hand, the houses with the lowest price increases in the second quarter were in Shreveport, Louisiana, at $14,000; Beaumont, Texas, at $24,943; Rockford, Illinois, at $38,140; McAllen, Texas, at $41,407; and Toledo, Ohio, at $43,000. Once again, no surprise. These are among the cities with the lowest home prices.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.