To locals, it’ll come as no surprise that renovating and reselling homes is big business in Washington’s many booming neighborhoods. Now, confirmation: A report released Thursday from the real-estate site Redfin ranked the country’s top ten neighborhoods for price increases due to flipping—and the Washington market counts four of the ten. Which one comes in on top? That would be Petworth, which ranked number one in the country with an average of $312,400 gained per flip. Next up is Brookland, listed at number three with $271,900 per flip, with Fort Totten and Stadium Armory a little further down the list, at numbers six and seven with $233,000 and $230,400 gained, respectively. Other cities with neighborhoods in the top ten include Portland, San Francisco, and Los Angeles. Redfin defines a flip as a home that was purchased and sold again within a year—and of course, a pricing increase doesn’t necessarily mean a profit, since improvement costs are often sunk into the home before reselling.
The report includes a few other interesting tidbits about home flipping in our city: Last year, more than 4,000 area homes were flipped in about 172 days, according to Redfin’s analysis of MLS stats—and with 2013’s average of $104,100 gain per flip (that’s higher than the national average of $90,200), don’t expect it to slow any time soon. This year is already on pace to lap last year’s total.
Head to Redfin to see the full report.
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