clock menu more-arrow no yes mobile

Filed under:

Berwyn and Beverly Are Some of Nation's Best Spots for Flipping Homes

Newly released data suggests that while the home flipping craze that spawned so many reality TV shows has slowed down, two different parts of Chicagoland still saw incredible average returns. According to Crain's, in the last quarter of 2014, those trying to quickly buy and sell homes in the south side neighborhoods of Beverly, Morgan Park and Washington Heights saw a 154 percent return on investment, while fixer-uppers in the bungalow belt burb of Berwyn saw a 150 percent return. The numbers gathered from the research firm RealtyTrac were all the more interesting considering the average Chicago home price rose just 1.3 percent last year, a much smaller margin to work with than in 2013, when prices jumped 11 percent.

The article didn't have an exact answer as to why those particular areas did so well compared to the Chicago and national average, showing profits for flippers that rivaled those in other profitable areas codes in Baltimore, St. Louis and Jacksonville. Renovations usually make the difference, but that figure isn't included in the RealtyTrac numbers. The research did say that average home flipped in Q4 2014 sold for $239,583 after bring purchased for $158,645.

·Home flippers score big in Berwyn, Beverly [Crain's]
·Previous Flipping Out coverage [Chicago Curbed]