Home Flipping: 5 Zip Codes With the Most Flips in All of NJ
Buy it, fix it, sell it. That seems to be a popular New Jersey mantra these days.
According to real estate information company RealtyTrac, home flips made up 4 percent of all home sales in New Jersey during 2015.
The California-based group tracked all properties that traded hands twice over a 12-month period, and that equated to 3,820 home flips last year in the Garden State. There were 179,778 flips nationwide, according to the report.
The share of New Jersey home flips in 2015 jumped 17 percent from a year prior, and 23 percent from 2010.
"We see more people participating in home flipping; it's not just the big investors," said Daren Blomquist, senior vice president of RealtyTrac. "Flipping is trending up faster in New Jersey than in other parts of the country."
On average, home flippers in New Jersey purchased property for $146,000 and sold it for $235,000, making a gross profit of $89,000. That does not include the price of renovation and cleanup, however.
TOP 5 NJ ZIP CODES (HOME FLIP PERCENTAGES IN 2015)
- 07107 (Newark - 15 percent)
- 07108 (Newark - 12 percent)
- 08046 (Willingboro - 11.9 percent)
- 08757 (Toms River - 11.7 percent)
- 07103 (Newark - 11.6 percent)
Nationally, 5.5 percent of home sales were flips in 2015. Both the state and nation have seen a big drop in the share of flips compared to 10 years ago, which Blomquist referred to as "the height of home flipping."