Home flipping profits have dropped across the country, and the gross return on investment has dropped below $50,000 for New Hampshire investors.

There were 561 home flips in Connecticut in the fourth quarter of 2025, according to data firm Attom. Gross flipping profit dropped to $106,750, an 8.76 percent decline over the same quarter in 2024. While profits declined, the gross return on investment dropped to 38 percent, down from 34.1 percent a year earlier.

Attom’s figures, however, exclude construction costs. The company says its average gross flipping profit figure is calculated by finding the difference between the purchase price and the flipped price. The company cites “flipping veterans” in estimating construction costs typically run between 20 percent and 33 percent of a property’s after-repair value. Attom designated any residential property that sold in two successive arm’s-length transactions within 12 months as a flip.

There were 68,999 home flips across the United States in the fourth quarter, according to Attom, a 6.2 percent decline year-over-year. Unlike in Massachusetts, an investment in a home flip isn’t paying off as much as it used to. The nationwide return on investment was $62,000 (a 23.6 percent gross profit margin), the lowest performance in a quarter since the third quarter of 2007.

“Competition for homes remains strong in many markets due to constrained supply,” Attom CEO Rob Barber said in a statement. “With prices staying elevated, investors are finding it harder to secure deals that deliver strong returns. Flippers are having to get more creative to maintain profitability. That could include taking on older homes, as the median flipped property in 2025 was built in 1978, the oldest since we began tracking, along with tighter cost control and more disciplined renovation strategies.”

The home flipping rate fell year-over-year in 142 of the 215 metropolitan statistical areas with sufficient data to analyze (meaning they had populations of at least 200,000 and at least 100 home flips in 2025). Profit margins fell year-over-year in 70 percent (150) of the 215 metro areas with sufficient data to analyze, Attom said.