Last year, Minnesotans flipped 3,252 homes in 2019, with more than 1,000 flips taking place in Hennepin County, according to a report released Thursday.
Home flippers in Minnesota logged a median gross profit of $63,000 and a 35.2 percent return on investment, which put them on par with the national median of $62,900, according to the report. The profit is calculated by the difference between the purchase and flipped price, and does not take into account the renovation costs and extraneous expenses.
The report, which was compiled by national property database curator ATTOM Data Solutions, analyzed data from sales deed information.
In Minnesota, it took homeowners about 175 days to flip a home compared to the national median of 178 days.
Minnesota’s stats remained relatively steady between 2019 and 2018, though there was a small dip in the gross return on investment and gross profit, which were respectively 41.1 percent and $63,500 in 2018.
Meanwhile, Anoka County had 265 flips, and Dakota County 279 flips. There were also 386 flips in Ramsey County.
Nationally, there were a higher number of homes flipped in 2019, but there were lower profit margins, the report found.