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House from 20011.
Rising prices and construction costs have caused home resales to decline this year in many parts of the U.S., including the Washington, D.C., area. But while resales aren't as popular in Washington as they once were, there are still areas where resellers are raking in the cash.
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According to ATTOM's new report, the three citywide ZIP codes with at least 10 homes resold in the second quarter of 2023 were 20002, 20011 and 20019. ZIP code 20011 (Brightwood, Crestwood, Petworth, Tacoma) led the way with 23 resales and an average gross profit of $190,000*.
Zip code 20019 (Deanwood, Marshall Heights, Benning Ridge) saw 19 resales with a total profit of $215,000. Zip code 20002 (Eckington, Ivy City, northeast Capitol Hill) saw only 10 resales, but those homes brought in the highest total profit in the city at $490,000.
“Fortunes for investors looking to make a quick buck by flipping homes are showing signs of improving after a long and unusual period in which they fell while the broader market rose,” Atom CEO Rob Barber said in a statement. “But recent investment gains may not be enough to cover the holding costs of a typical transaction. It is also too early to declare that the decline in profits is over and will depend in large part on whether the market's second-quarter surge continues or falls back again as it did last year.”
To see the full ATTOM report, click here.
*For the purposes of this report, a flip is defined as selling the same property twice within 12 months. Gross profit is calculated as the difference between the initial purchase price and the second selling price. Renovations and related costs are typically 20-33% of the home's value after repairs.
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This article originally appeared at https://dc.urbanturf.com/articles/blog/home_flipping_drops_in_dc_but_three_zip_codes_are_still_seeing_profits/21492