Core Insights - Renovated homes are still attracting online interest and selling faster than older homes, but the pricing power and returns for flipped homes have weakened due to higher mortgage rates affecting buyer demand [2][3][5] - The performance gap between flipped homes and older homes has narrowed compared to 2021, with flipped homes receiving fewer page views and spending more time on the market [4][5] Market Performance - Flipped homes have a median listing price of approximately $380,000, slightly lower than the $385,000 for other older homes, but they are typically smaller and have a higher price per square foot [3][4] - In October 2025, flipped homes received about 6.5% more page views per listing and spent roughly 10 fewer days on the market compared to older homes, a significant decrease from the 25% advantage in 2021 [4][5] Sales Dynamics - Among flipped homes listed in July 2025, the median sale price was at an 8.3% discount from the highest post-renovation listing price, compared to a 2.9% discount for older homes [5] - The typical flipped home was purchased at 51.4% of its metro's median single-family home price and listed at 87.8% of the median after renovation [6] Flip Factor - The "Flip Factor," a new metric introduced in the report, measures the price increase of flipped homes relative to their pre-renovation prices, with a national average of 36.4 percentage points [7][8] - Only eight U.S. metros saw flipped homes listed above the local median price, indicating that significant value addition through renovations is rare [8][11] Regional Insights - Pittsburgh and Cape Coral, FL, are notable for having flipped homes listed above the market median, with Pittsburgh showing a Flip Factor of 58.2 percentage points [10][11] - The report highlights that affordable markets tend to see the largest price jumps relative to the market, with several metros demonstrating significant Flip Factors [9][10]