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With home flipping profit margins hitting a 17-year low, the Boston area is seeing little home flipping activity.

In fact, the biggest metro area in Massachusetts saw the third-smallest flipping rates of anywhere in America. Analysts at real estate data firm Attom said in a new analysis that only 4.8 percent of home sales in the second quarter were likely properties being flipped being flipped.

Seattle, Washington had the lowest flipped-sales rate at just 4.1 percent.

Attom’s analysis identified 78,621 single-family home and condominium flips across the nation in the second quarter, accounting for 7.4 percent of national home sales. That was down from 7.5 percent of sales in the second quarter of 2024.

Profits for home flippers also continued to fall. In the fall of 2012, the typical flipped home netted a 62.9 percent return on investment before construction and marketing expenses. In the second quarter of 2025, the typical return was 25.1 percent on the flipped property’s purchase price, the lowest home flipping profit margin Attom has recorded in a quarter since the second quarter of 2008.

“We’re seeing very low profit margins from home flipping because of the historically high cost of homes,” Rob Barber, CEO at Attom said in a statement. “The initial buy-in for properties that are ideal for flipping, often lower priced homes that may need some work, keeps going up. As prospective homeowners get priced out of the middle and high end of the market, they’re more likely to be competing with flippers over the same homes.