As home prices ripped higher in 2013, we saw a rise in home flipping — when a home is purchase and sold within six months.
Home flipping was up 16% on the year in 2013, according to RealtyTrac's latest report.
The average gross profit for a flip — the difference between the flipped price and the price the purchase price — was $58,081 in 2013.
In the fourth quarter the gross profit on flips was $62,761.
We rounded up the 14 cities where home flippers made the highest gross profit (in percent) in the fourth quarter.
Note: RealtyTrac looked at metro areas with more than 10 flips in the fourth quarter.
Gross profit percentage: 139%
Average gross profit: $97,437
Q4 flips: 315
YoY change: 27.5%
Average purchase price: $70,113
Gross profit percentage: 109.2%
Average gross profit: $$88,388
Q4 flips: 26
YoY change: 2.8%
Average purchase price: $80,929
Hickory-Lenoir-Morganton, North Carolina
Gross profit percentage: 103.7%
Average gross profit: $46,845
Q4 flips: 16
YoY change: 1.8%
Average purchase price: $45,168
Gross profit percentage: 97.3%
Average gross profit: $61,865
Q4 flips: 16
YoY change: 2.2%
Average purchase price: $63,556
See the rest of the story at Business Insider
See Also:Foreclosures Were Down 24% In 2013This Detroit Neighborhood Is So Bad That $1 Homes Could Be A Rip-OffANALYST: The Bad Weather Has Dragged Down Home Sales — But 2014 Still Looks Good