House flipping is hot, and Birmingham is nearly hottest
Flipping houses in Birmingham is big business once again.
Birmingham’s share of homes flipped in 2015 was 4 percent above the share of 2005, according to a new report from RealtyTrac. It was one of only 11 of 110 metro areas nationwide where levels were above a decade ago.
The only cities with a higher increase than Birmingham were Pittsburgh (19 percent), Memphis (18 percent), Buffalo, New York (12 percent). San Diego and Seattle also had an increase of 4 percent from 2005.
Alabama as a whole had the third highest share of flips in 2015 among states at 7.4 percent, behind only Nevada and Florida.
The average return-on-investment in the Birmingham metropolitan statistical area was 47 percent, according to the report. The average gross profit was $29,500.
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