15 Cities Where House Flippers Are Making Tons Of Money

Real estate investors are getting back in the flipping game, netting an average gross profit of nearly $20,000 on single family home flips in the first half of 2013.

Home flips are up 19% from a year ago and 74% from the first half of 2011, according to a new report from Realtytrac.

"While flipping continues to be profitable in most markets, particularly those where the home price recovery is still nascent and a recent rebound in foreclosure activity allows investors to find distressed inventory at a discount, home flipping is tapering off in markets where fewer of those distressed bargains are available," Daren Blomquist, vice president at RealtyTrac, said in the statement.

"Flipping was on the rise in more than two-thirds of the markets, including New York, Washington, D.C., Chicago and several Florida metros," he said.

The average flipper in the following 15 metro areas earned 10% to 82% flipping their homes.

15) Orlando-Kissimmee, FL: 10% Gross Profit

Single Family Flips (first half 2013): 2,417

YoY change: 75%

Average purchase price: $141,192

Average gross profit: $14,394

Gross profit percentage: 10%

Source: Realtytrac

14) New York-Northern New Jersey-Long Island, NY-NJ-PA: 10% Gross Profit

Single Family Flips (first half 2013): 5,485

YoY change: 437%

Average purchase price: $376,224

Average gross profit: $39,458

Gross profit percentage: 10%

Source: Realtytrac

13) Cincinnati-Middletown, OH-KY-IN: 11% Gross Profit

Single Family Flips (first half 2013): 1,191

YoY change: 85%

Average purchase price: $123,938

Average gross profit: $13,996

Gross profit percentage: 11%

Source: Realtytrac