WISCONSIN — Homeowners and investors looking to flip houses in Wisconsin land in the bottom half of a new nationwide ranking.
A study released this week by Liberty Home Products compared all 50 states across 12 housing and market measures, including renovation costs, return on investment, home prices, days on market and year over year changes in housing market activity.
Wisconsin came in 35th overall. The state posted a gross flipping profit of $65,000 and a gross return on investment of 45.2%.
Average remodeling costs came in at $144,681, and the median listing price was $324,420. Homes in Wisconsin spent a median of 49 days on the market, and annual home sales rose 4.86% year over year.
Massachusetts topped the national list as the best state for flipping houses, posting a gross flipping profit of $150,000 and a 55.7% ROI.
Homes there sold in a median of just 22 days, the fastest turnaround in the study.
California ranked second with the highest gross flipping profit in the country at $170,000, followed by New Jersey, Utah and New Hampshire to round out the top five.
The Northeast dominated the top of the rankings, claiming six of the top 10 spots.
The study also found that a big profit margin does not always mean the best flipping market overall. Florida posted the highest gross ROI in the country at 79% but ranked 25th overall because homes there spent an average of 61 days on the market and annual sales fell 4%, the steepest drop in the study.
At the bottom of the rankings, Louisiana finished last with a gross flipping profit of $60,000 and a 32.4% ROI. North Dakota ranked 49th, recording the lowest ROI in the country at 21.5%.
Top 5 states for house flipping:
- Massachusetts: $150,000 gross profit, 55.7% ROI, 22 median days on market
- California: $170,000 gross profit, 44.9% ROI, 34 median days on market
- New Jersey: $140,000 gross profit, 50.6% ROI, 37 median days on market
- Utah: $95,000 gross profit, 47.6% ROI, 45 median days on market
- New Hampshire: $95,000 gross profit, 62.2% ROI, 37 median days on market
Bottom 5 states for house flipping:
- Alabama: $50,000 gross profit, 60.7% ROI, 46th overall
- Mississippi: $35,000 gross profit, the lowest in the study, 47th overall
- West Virginia: $40,000 gross profit, 48th overall, despite an 11.54% annual rise in home sales, the largest increase in the study
- North Dakota: 21.5% ROI, the lowest in the study, 49th overall
- Louisiana: $60,000 gross profit, 32.4% ROI, 69 median days on market, last overall
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