Some 7.2 percent of Baltimore-area home sales in 2016 were “flipped,” ranking 19th in the U.S. and above the national average.
According to new research from Trulia, a combination of rising home prices and a stronger labor market have helped push home-flipping numbers to their highest levels in a decade. Approximately 6.1 percent of all home sales in 2016 qualified as a “flip,” defined as the purchase of a house at a market rate and the subsequent sale of the same property at a higher price due to improvements or short-term pricing gains. That figure marked a near percentage-point increase over the 5.3 percent rate recorded in 2015. Baltimore had a year-over-year increase of 2.4 percent.
Homes flipped in the Baltimore market last year increased 0.6 percent. Baltimore’s flipping market reached a high of 8.7 percent of all home sales in 2006.
U.S. flipping activity in 2016 was the third highest since 2000 and the jump between 2015 and 2016 was the second largest increase since that year.
Click here to read the rest of the article written by Ryan Sharrow over at the Baltimore Business Journal