Why it matters
- Pittsburgh, Buffalo and New Orleans posted typical gross margins of 75% or more among large metros.
- San Antonio flips lost money on a typical basis, and Dallas, Austin and Houston margins were under 4%.
- Ohio metros and Memphis had the highest share of sales that were flips.
Analysis: this piece includes our interpretation of the facts reported.
Where you flip matters as much as how. In the second quarter, the typical gross margin on a flipped home ranged from more than 80% in one large metro to a loss in another, according to ATTOM's quarterly report, released Oct. 1.
Nationally, the typical margin fell to 21.5%, as we reported in Flip Margins Slide to 21.5%.
The highest margins
Among metros with more than 1 million people:
| Metro | Typical gross margin |
|---|---|
| Pittsburgh, PA | 81.5% |
| Buffalo, NY | 76.6% |
| New Orleans, LA | 75.0% |
| Virginia Beach, VA | 63.4% |
| Philadelphia, PA | 62.8% |
The lowest margins
| Metro | Typical gross margin |
|---|---|
| San Antonio, TX | −0.3% |
| Dallas, TX | 1.8% |
| Austin, TX | 2.8% |
| Houston, TX | 3.7% |
| Salt Lake City, UT | 4.7% |
In San Antonio, the typical flipped home sold for slightly less than the investor paid for it, before counting any renovation costs.
Where flipping is most common
Flips made up the largest share of home sales in Cleveland (10.4%), Columbus, Ohio (9.5%) and Memphis (9.5%). They were least common in Rochester, N.Y. (2.7%), Seattle (4%) and Washington, D.C. (4%).
The flipping rate fell from the first quarter in 162 of the 186 metros ATTOM analyzed, and from a year earlier in 131.
Our notes
- High percentages, smaller dollars. ATTOM's margin is gross profit as a share of the purchase price. In markets where homes are bought cheaply, a modest dollar profit can be a large percentage. That pattern matches ATTOM's national finding that homes bought for $100,000 to $200,000 had the highest typical margins.
- Gross isn't net. None of these figures subtract renovation, holding, financing or selling costs. A 75% gross margin on a house that needs a full gut can still be a thin deal.
- Texas stands out. Four of the five lowest-margin large metros were in Texas. Thin margins there leave little room for rehab overruns or price cuts.
- Your street beats your metro. Metro figures are averages. Before you buy, base your after-repair value on nearby comparable sales. The ARV from Comps tool walks through it, and the Max Offer Calculator turns that ARV into an offer.
Sources
- ATTOM, Home Flipping Profits Continue Gradual Two-Year Decline (Oct. 1, 2026)