Home turning activity slipped again in 2025 as investors completed 297,045 single-family home and condo turns nationwide. That was the lowest yearly overall because 2020 and down 3.9% from 309,050 flips in 2024, according to ATTOM’s 2025 year-end U.S. Home Flipping Report.
Flips comprised 7.4% of all home sales in 2025, somewhat below 7.6% a year previously. The pullback came even as nationwide home costs climbed to tape highs, compressing investor margins to levels last seen throughout the fallout from the Great Economic crisis.
After booming in the decade following the 2008 financial crisis– when purchase rates were frequently listed below $150,000 and returns went beyond 50%– increasing home rates have actually pressed investor margins back toward pre-crisis levels.
Despite record average home costs, investor returns decreased. The normal flip created a $65,981 gross revenue, below $77,000 in 2024, with return on investment (ROI) falling to 25.5%– the most affordable because 2008, compared to 32.1% the prior year.
“Competition for homes remains strong in lots of markets due to constrained supply,” Rob Barber, CEO of ATTOM, stated in a declaration. “With prices remaining elevated, investors are discovering it more difficult to protect offers that provide strong returns.”
“Flippers are needing to get more innovative to keep profitability,” Barber included. “That might consist of taking on older homes, as the median turned residential or commercial property in 2025 was integrated in 1978, the oldest given that we started tracking, along with tighter expense control and more disciplined renovation strategies.”
Turn rate down in two-thirds of metros
The share of homes flipped, as a portion of overall sales, fell year over year in 142 of the 215 urban statistical areas with a minimum of 200,000 citizens and a minimum of 100 turns in 2025.
Markets with the biggest declines in turning rates included Salisbury, Maryland (down 42.2% from 2024); Tallahassee, Florida (down 37.5%); and Lafayette, Indiana (down 36%).
At the exact same time, some metros saw notable boosts in flipping activity, with the leading three being Binghamton, New York (up 136.4% from 2024); Boulder, Colorado (up 72.4%); and Greeley, Colorado (up 49.4%).
More than one-third of turns were obtained with the aid of financing in 2025. ATTOM discovered that 37.7% of turned homes were purchased with some kind of financier financing, up from 36.9% in 2024.
Metros with the greatest share of funded acquisitions included San Diego (61.3% of flipped homes purchased with funding); Lincoln, Nebraska (60.6%); and Des Moines, Iowa (59.9%).
By contrast, cash remained dominant in a number of smaller and mid-sized markets, including St. Cloud, Minnesota (94.3% of turned homes bought with money); Utica, New York (89.8%); and Ocala, Florida (84.5%).
Success weakened across the majority of the nation. Revenue margins fell year over year in 150 of the 215 metro locations ATTOM analyzed.
A few of the sharpest drops in normal ROI were concentrated in smaller markets where 2024 returns had been uncommonly high, such as Ocala, Florida, which was below 492.5% in 2024 to 124.1% in 2025. Ocala was followed by Salisbury, Maryland, below 107% to 38.2%, and Spartanburg, South Carolina, below 94.1% to 48.4%.
Some metros, nevertheless, saw enhancing spreads. Peoria, Illinois, was up from 61.2% in 2024 to 91.4% in 2025, and Huntington, West Virginia was up from 50.6% to 77.2%.
Amongst cities with a minimum of 1 million locals, the steepest margin declines consisted of Louisville, Kentucky (down from 66.6% in 2024 to 40.2% in 2025); Oklahoma City (below 60.8% to 36.8%); and Rochester, New York (down from 82.9% to 61.3%)/
Days to flip hold near pre-pandemic norms
The typical flip in 2025 took 163 days from acquisition to resale, one day longer than in 2024 and roughly 2 weeks faster than in 2020, when flips averaged 176 days.
Holding times staying steady recommends that, regardless of tighter deals, demand for refurbished stock remains strong, even with price constraints and higher home mortgage rates impacting end buyers.
About 11.3% of turned homes across the country were sold to purchasers using Federal Housing Administration (FHA) loans in 2025, up from 10.7% in 2024.
At the county level, turns accounted for more than 10% of all home sales in 101 of the 851 counties ATTOM tracked with at least 50 flips in 2025.
Numerous Georgia counties posted the greatest turning rates in the nation, consisting of Cobb County (19.6% of all home sales were flips) and Clayton County (19.5%).
In the 4th quarter of 2025, ATTOM reported that 68,999 homes were turned by 54,992 financiers, for approximately 1.25 homes per investor. The normal gross earnings was $62,000, for a 23.6% margin, down from 24% in Q3 and the lowest quarterly margin given that Q3 2007.