Written by The Business Journal Staff
Fresno County continues to be a popular place for house flippers in California, according to a new real estate market report.
LendingHome, which describes itself as “the fix-and-flip industry’s No. 1 lender, released a “State of the Flipping Market” report that found that Fresno is the No. 8 market in the Golden State for home flipping, or buying, rehabilitating and reselling residential properties.
The ranking is determined by the percentage of flips over the total houses purchased from 2014-17. Using proprietary data and public records, LendingHome found that 2.93 percent of Fresno homes purchased were flipped in that period, with median revenue per flip of $64,000.
Los Angeles was at the top of the list, with 25.71 percent flips with median revenue of $140,000, followed by San Diego with 9.55 percent ($125,000 median revenue) and Riverside at 8.88 percent ($75,000 median revenue) rounding out the top 3.
Tulare County ranked No. 17 on the list with 1.2 percent flips with median revenue of $54,100. Madera County had 0.4 percent flips, ranking No. 28 with median revenue of $67,000. Kings was No. 37 on the list with 0.3 percent flips with $59,000 median revenue.