News to flip for

Fort Worth-area flips in this ZIP code bring home higher profit than U.S. average

This home, for sale in the 76022 ZIP code, has been renovated recently.

Fort Worth HGTV fans who are inspired to flip a home should look a bit to the east, to the Bedford ZIP code of 76022.

While the national average profit for home flipping is about $65,520, the average profit in 76022 is actually quite a bit higher, at $76,290, according to new data from ATTOM Data Solutions’ 2Q 2018 U.S. Home Flipping Report.

ATTOM Data Solutions curates the nation’s premier property database. Its report, which examines average gross returns on investments for specific ZIP codes as well as the national averages, found that 76022 also averaged 170 days from purchase to flip, with a 45 percent second-quarter return on investment on flips. The average time to complete a home flip in the U.S. was 186 days.

In contrast was the 76137 ZIP code in north Fort Worth-Haltom City, where the average profit was $5,036 with a 2.2 percent return on investment.

Nationally, homes flipped in the second quarter of 2018 had an average gross return of 44.3 percent, down from 47.8 percent the previous quarter. It’s the lowest average gross flipping ROI since the third quarter of 2014.

The report shows that flipping homes might be losing its appeal for wannabe fixer-upper folks. A total of 48,768 U.S. single family homes and condos were flipped in the second quarter, at a rate of 5.2 percent of all sales, down from a 6.6 percent in the first quarter. Homes sold for an average of $65,520 more than purchase price, which is a dip from the $69,500 in average profit the previous quarter.

ATTOM also reported that 32.3 percent of homes flipped in the second quarter were purchased via distressed sale — either in foreclosure or bank-owned, down from 35.8 percent the previous quarter and down from 38.7 percent a year ago.

“Fewer distressed sales are limiting the ability of home flippers to find deep discounts even while rising interest rates are shrinking the pool of potential buyers for flipped homes,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “These two forces are squeezing average home flipping returns, pushing investors to leverage financing or migrate to markets with more distressed discounts available to achieve more favorable returns.”

Overall, states with the highest average flipping ROI in the second quarter were Louisiana (102.5 percent), Pennsylvania (100.3 percent), Ohio (81.4 percent), Maryland (76.1 percent), and Tennessee (74.9 percent), the report says.

Among 140 metropolitan statistical areas with at least 50 flips and a population of at least 200,000, those with the highest average gross flipping profit were Pittsburgh, Pennsylvania (162.7 percent); Hickory-Lenoir-Morganton, North Carolina (129.0 percent); Mobile, Alabama (126.6 percent); Buffalo, New York (107.5 percent); and Baton Rouge, Louisiana (107.1 percent).

The report noted a few other interesting trends in the second quarter of 2018:

The median year built of homes flipped was 1978, tied for the oldest median year built as far back as data is available — 2000.
The median square footage of homes flipped was 1,408, the smallest median square footage as far back as data is available — 2000.
A total of 40,265 entities flipped properties, a ratio of 1.21 flips per entity, the lowest ratio of flips per entity since 2008 — a more than 10-year low.

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A version of this story originally was published on CandysDirt.com.

home-for-sale trends

Elite address

One Texas community makes list of the richest small towns in America

Photo courtesy of Compass

Bunker Hill Village is a coveted address in the Houston area.

An upscale community in Texas is among the top 10 richest towns in America, according to a new 2024 report. The community is Bunker Hill Village in Houston, and it's home to the richest residents in Texas. Sorry, Colonial Hills.

The analysis, by loan provider TitleMax, lists the 50 richest small towns — one from each state — using median household income data from the U.S. Census Bureau. In Bunker Hill Village, the median household income is about $250,000, the report says.

Of course, "small town" is a bit of a misnomer for Bunker Hill Village. Situated 13 miles west of downtown Houston, Bunker Hill joins five other communities – Hunters Creek, HiIlshire, Hedwig, Piney Point, and Spring Valley – to make up Houston's iconic Memorial Villages. In 2023, Bunker Hill was ranked the third-most expensive Houston neighborhood, with homes on the market for upwards of $2.7 million.

Notably, the area is home to Houston's only Frank Lloyd Wright-designed house.

"We are very proud of our quiet, wooded environment, and as a community, we work hard to preserve it for future generations," the city's website says.

The study found that more than half (56.5 percent) of the 1,250-home community make over $200,000 a year, while the enclave's median household income amounts to $247,188.

To put that into perspective, TitleMax revealed that the national median household income is $67,521. The Census Bureau's 2023 American Community Survey estimates the median income of a household in Texas came out to $75,780 in 2023.

Bunker Hill joins the likes of Houston's Bellaire and West University Place as some of the most affluent suburbs in America. The North Texas suburb of Southlake also made it on that list.

The No. 1 slot went to Monte Sereno, a suburb of San Jose, California with a median household income of more than $250,000, according to the report.

"While many people consider cities to be the epicenters of the rich, many retreat to small towns that offer safety, beauty, and privacy," the report's author wrote.

These are the top 10 wealthiest small towns in America, with their median household incomes:

No. 1 – Monte Sereno, California ($250,000-plus)
No. 2 – Cherry Hills Village, Colorado ($250,000-plus)
No. 3 – Mission Hills, Kansas ($250,000-plus)
No. 4 – Short Hills, New Jersey ($250,000-plus)
No. 5 – Scarsdale, New York ($250,000-plus)
No. 6 – Belle Meade, Tennessee ($250,000-plus)
No. 7 – Glencoe, Illinois ($248,851)
No. 8 – Bunker Hill Village, Texas ($247,188)
No. 9 – Clyde Hill, Washington ($238,958)
No. 10 – Chevy Chase Village, Maryland ($238,333)

The full report can be found on titlemax.com.

reports real estate houston