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Home flipping exploded during the Pandemic Housing Boom, as surging home prices and low interest rates lured investors into the fix-and-flip market. But the 2022 interest-rate shock abruptly ended the frenzy and created the biggest home-flipping pullback since the 2007 bust.

This home-flipping slump continues to drive out many newcomer flippers and force veteran operators to adjust to slimmer profits.

In Q1 2020, there were 72,995 home flips. That number surged during the Pandemic Housing Boom, peaking at 125,810 in Q1 2022. But once mortgage rates spiked in 2022, the boom quickly turned into a correction—falling to 86,049 flips in Q1 2023 and 71,633 in Q1 2024. By Q1 2025

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