ATTOM released its 2025 year-end U.S. Home Flipping Report, which showed that 297,045 single-family homes and condos were flipped nationwide. That was the fewest home flips recorded in a year since 2020, and down 3.9 percent from 2024’s total of 309,050.
Homes flipped by investors accounted for 7.4 percent of all home sales in 2025, down slightly from 7.6 percent the year prior.
As the nation saw its highest median home sales prices on record, investors’ profit margins shrunk. The typical flipped home netted $65,981 in gross profit, down from $77,000 in 2024, resulting in a 25.5 percent return on investment, the lowest rate recorded since 2008 and down from 32.1 percent the prior year.
Home flippers, the ATTOM report reflected, experienced a boom decade after the 2008 financial crisis. Typical flipped homes were acquired for less than $150,000 and profit margins consistently exceeded 50 percent, even reaching 61.1 percent in 2012. But home prices have soared in recent years, bringing investor returns back to their pre-financial crisis levels.
“Competition for homes remains strong in many markets due to constrained supply,” ATTOM CEO Ron Barber said in the report. “With prices staying elevated, investors are finding it harder to secure deals that deliver strong returns. Flippers are having to get more creative to maintain profitability. That could include taking on older homes, as the median flipped property in 2025 was built in 1978, the oldest since we began tracking, along with tighter cost control and more disciplined renovation strategies.”
The home flipping rate, as a percentage of overall sales, fell year-over-year in two-thirds (142) of the 215 metropolitan statistical areas with sufficient data to analyze, meaning they had populations that numbered at least 200,000 and at least 100 home flips in 2025.
The largest declines were in Salisbury, Md. (down 42.2 percent from 2024); Tallahassee, Fla. (down 37.5 percent); Lafayette, Ind. (down 36 percent); Evansville, Ind. (down 32.9 percent); and Warner Robins, Ga. (down 32.6 percent).
The metro areas that saw the largest increases in home flipping rates were Binghampton, N.Y. (up 136.4 percent from 2024); Boulder, Colo. (up 72.4 percent); Greeley, Colo. (up 49.4 percent); Lexington, Ky. (up 40.3 percent); and Scranton, Pa. (up 31.2 percent).
The share of flipped homes that investors acquired with the help of financing rose from 36.9 percent in 2024 to 37.7 percent in 2025.
The metro areas with the highest share of flipped homes purchased by investors with the help of financing were San Diego, Calif. (61.3 percent of flipped homes purchased with the help of financing); Lincoln, Neb. (60.6 percent); Des Moines, Iowa (59.9 percent); Seattle (58.9 percent); and Manchester, N.H.(55.6 percent).
The metros with the highest share of flipped homes purchased with cash were St. Cloud, Minn. (94.3 percent of flipped homes purchased with cash); Utica, N.Y. (89.8 percent); Ocala, Fla. (84.5 percent); Flint, Mich. (82 percent); and Buffalo, N.Y. (80.4 percent).
Profit margins on flipped homes have fallen precipitously since 2012, when the typical flip netted a 61.1 percent return on investment. In 2025, a typical median flipped home was purchased for $259,019 and the median flipped price was $325,000, generating a 25.5 percent gross ROI. Profit margins fell year-over-year in 70 percent (150) of the 215 metro areas with sufficient data to analyze.
The largest drops in typical profit margins were in Ocala, Fla. (down from 492.5 percent in 2024 to 124.1 percent in 2025); Salisbury, Md. (down from 107 percent to 38.2 percent); Spartanburg, S.C. (down from 94.1 percent to 48.4 percent); Erie, Pa. (down from 99.9 percent to 56.5 percent); and Little Rock, Ark.(down from 91.6 percent to 50 percent).
The largest increases in profit margins were in Peoria, Ill. (up from 61.2 percent in 2024 to 91.4 percent in 2025); Huntington, W. Va (up from 50.6 percent to 77.2 percent); Lake Charles, La. (up from 121.3 percent to 146.2 percent); Cedar Rapids, Iowa (up from 29.7 percent to 49.6 percent); and Tuscaloosa, Ala. (up from 9.3 percent to 26.4 percent).
Among metro areas with populations of at least 1 million, the largest profit margin drops were in Louisville, Ky. (down from 66.6 percent in 2024 to 40.2 percent in 2025); Oklahoma City, Okla. (down from 60.8 percent to 36.8 percent); Rochester, N.Y. (down from 82.9 percent to 61.3 percent); Washington, D.C. (down from 62.9 percent to 44.3 percent); and Cincinnati, Ohio (down from 58.2 percent to 39.6 percent).
The average home flipped in 2025 took 163 days to sell from the time it was purchased, one day longer than 2024’s average but nearly two weeks faster than in 2020 when the average home was flipped in 176 days.
About 11.3 percent of flipped homes nationwide were sold to buyers using loans backed by the Federal Housing Administration, up slightly from 10.7 percent in 2024.
The metro areas with the highest rate of flipped homes sold to FHA-assisted buyers were Yuma, Ariz. (37.7 percent of flipped homes sold to FHA assisted buyers); Mobile, Ala. (30 percent); Laredo, Texas (29.8 percent); Visalia, Calif. (27.6 percent); and Vallejo, Calif. (27.4 percent).
Flipped homes accounted for more than a tenth of all home sales in 11.9 percent (101) of the 851 counties in ATTOM’s analysis with at least 50 home flips in 2025. The Georgia counties with the highest flipping rates were Cobb County, (19.6 percent flipping rate); Clayton County, (19.5 percent); Houston County, (16.1 percent); Rockdale County, (16 percent); and Bibb County, (15.9 percent).
“Home flipping activity slowed in 2025 as investors faced tightening margins, with returns dropping to 25.5 percent, the lowest level since the Great Recession, despite record home prices,” the ATTOM report concluded. “Flips made up a smaller share of overall sales, and profits declined across most markets, signaling a more challenging environment driven by high acquisition costs and intense competition. Investors are adjusting strategies, often taking on older properties while accepting more modest returns.”