The housing market continues to boom across the country.
The Miami area is breaking records due to strong buyer demand, high competition from institutional investors, builders’ inability to supply new inventory, and seller reluctance as replacement properties aren’t easily obtainable.
What Is the House Flipping Market in the Miami Metro Area Like?
Miami-Dade County in January 2022 alone closed over 1,000 sales, ticking a 4.1% increase from 2021. The median sale price is around $520,000 with a sale price of $1,017,516.
What does this mean for house flippers in the Miami metro area? Keep flipping.
According to ATOM’s Home Flipping Report, the Miami metro area has 2.5 million housing units and ranks third among the nation’s top 10 metro areas for the most flipped homes during the third quarter of 2021.
The results speak for themselves with a median purchase price of $265,000 and a median flipped price of $360,000. It only took 5 months on average to finish each flip.
What Are the Best Suburbs to Flip Houses in the Miami Metro Area?
When flipping a home in the Miami area, consider what about the area is appealing to other home buyers. Is it safe to live? How are the school systems? These four suburbs offer the best in Miami with a median house value close to industry standard:
North Bay Village
North Bay Village is a small city in Miami-Dade County. The median home value sits at $293,300.
Richmond West
With a median home value of $275,400, the area has a low crime rate and is only 22 miles south of Miami.
Pinecrest
Pinecrest is a family-friendly suburb 11 miles southwest of Miami with a median home value of $919,800.
Bay Harbor Islands
This small community is one of the safest towns in the area with a median home value of $390,100.
Where Do I Start Flipping Houses in the Miami Metro Area?
Park Place Finance offers fix-and-flip loans for all your house-flipping needs. These types of loans are easier to qualify for than a standard home mortgage. With higher interest rates and a short timeline, you’ll make your money back and more in the Miami area.
Call us today at (866) 407-1599 to discuss your financing options.