The factors used were determined using data from Zillow, Redfin, the U.S. Bureau of Labor Statistics, and others, and included:
Median home price, average price of homes in need of repairs, number of homes in need of repairs, median days on market, total return on investment from flipping a home, property tax rate, average cost of a kitchen remodel, average cost of a bathroom remodel, number of real estate agents, number of construction managers, number of construction workers
Five of the top 10 states in Joyride's final rankings are located in the South, indicating this region of the U.S. is ideal for home flipping.
Louisiana is the best state for reselling a home. The state received a score of 41.1 out of 50 in the Joybird report.
The average price of a home in need of repairs in Louisiana is $196,763. The state also has an abundant construction workforce, the report said.
According to The Motley Fool, the 2022 resale gross profit is $75,000 and the gross ROI is 55.6%, which represents a 3% increase from 2021.
One advantage the state has for those looking to flip a home in Louisiana is its low property tax rate of 0.55%, which is 0.44% lower than the national average of 0.99%.
According to Joybird, Louisiana is the best US state for reselling homes.
Image credit: Erik Pronske Photography | Moment | Getty Images
LouisianaMichiganAlabamaDelawareOhioPennsylvaniaMarylandMississippi and Virginia (tie)Mississippi and Virginia (tie)Florida
Michigan received a score of 38.3 out of 50, making it the second-best state for home resale.
According to a Motley Fool report, the gross profit from flipping real estate in Michigan in 2022 was $58,247, with a gross ROI of 51.70%.
The median price of a home in Michigan is $235,361, up 2.3% over the past year, and the median number of days on the market was 17, up two days from a year ago, Redfin reported.
According to Joybird, Alabama ranks in the top three best states for reselling a home.
West End 61 | West End 61 | Getty Images
Alabama is the third-best state for home resales with a score of 37.7 out of 50.
The median home price in Alabama is $223,246, up 4.6% over the past year, according to Zillow.
That's nearly half of the national average sales price of $410,200 for existing homes in the United States, according to the National Association of Realtors.
According to WalletHub, Montgomery, Alabama, was ranked in the top 10 best places to flip a home in 2021. It also ranked first as the city with the highest market potential.
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