During the Pandemic Housing Boom, flipping surged as skyrocketing price appreciation drew investors in. The 2022 interest rate shock ended that frenzy, forcing many newcomers out and leaving more seasoned operators to adapt to tighter margins.
In early 2025, our first-ever LendingOne–ResiClub Fix and Flip Survey showed a market still digesting the fallout from the 2022 rate shock. Activity had cooled from the pandemic, but many flippers said they still planned to do deals in 2025.
In today’s article, we’ll share the full results from the LendingOne-ResiClub Fix and Flip Survey for Q3 2025. The flipper survey was fielded from August 20 to September 15, 2025. The results reveal many of the same themes as our Q1 2025 survey—but the story has evolved.
“Our latest survey reveals a fix-and-flip market that is both resilient and realistic,” says LendingOne CEO Matthew Neisser. “The broader macroeconomic environment, with elevated interest rates, higher inflation, and rising costs for materials and labor, has clearly ended the pandemic frenzy. However, the lack of housing inventory and the ongoing demand for updated homes have created a new landscape for experienced investors. They are continuing to find opportunities, particularly in the Midwest and Northeast, even as they face increased pressures. Meanwhile, flippers in the Southwest and Southeast, while seeing more market softness, remain optimistic about a market rebound. This strategic mindset, combined with a widespread plan to hold a portion of their flips as rental properties, highlights the adaptability of today’s professional flipper in a more challenging, yet opportunity-rich, environment.“
Total Number of U.S. Home Flips by Quarter
Topline Findings
1. Home Flipper Sentiment and Intent
Shifts from Q1 2025:
- Market sentiment is split but steady compared to Q1: 56% of U.S. home flippers describe their primary market as somewhat strong (44%) or very strong (12%).
- Expectations for demand have softened: 28% of flippers now anticipate weaker demand over the next year, up from 21% in Q1 2025.
Fix and Flip Activity:
- A strong majority of flippers (88%) still plan to complete at least one project in the next 12 months.
- Nearly two-thirds (64%) of flippers plan to convert at least one project into a rental property.
Market Outlook:
- 64% of survey participants expect the fix and flip market to stay the same (42%) or weaken (22%) in 2025.
- Optimism runs the highest in the South: 41% of flippers in the Southwest and 42% in the Southeast expect their market to strengthen over the next 12 months—the highest among all regions.
2. Financial Considerations
Renovation Costs:
- Budgets vary widely, but Northeast flippers tend to spend the most, with half (50%) investing more than $100,000 per project.
- 56% of respondents say kitchen upgrades deliver the best ROI.
- 41% of U.S. home flippers report a typical margin of 20–29%.
3. The biggest concerns across U.S. markets, according to home flippers
Organization and timeline stress:
- Working with contractors continues to be one of the most challenging parts of fix and flip projects (28%), followed by staying on timeline (23%), obtaining financing (21%), and budget management (17%).
- Two-thirds (66%) of flippers say their projects typically take 4–6 months from purchase to resale. In the Northeast, however—where regulation is heavier—12% report project timelines of 10 months or longer.
Regional variation and pain points:
- Nationally, competition for properties (28%) and interest rates (27%) are cited as the biggest current challenges. In the Northeast and Midwest, competition is even more acute, with 39% and 37% respectively naming it their top concern.
- The Midwest is viewed as the strongest region, with 23% of flippers calling their market very strong and 50% calling it somewhat strong.
The Southwest is seen as the weakest region, with 17% describing their market as very weak and 43% as somewhat weak.
