The experimental 7AD rotor blade is assessed for flutter stability in hover to identify the influence of aerodynamic contributions related to blade aerofoil, rotor inflow and wake periodicity on flutter onset. For the aeroelastic analyses, the multibody model is tightly coupled with an unsteady aerodynamic model based on Wagner’s function and related enhancements for the general motion of an aerofoil section considering heave and pitch. The mathematical setup of the approximated Wagner function in state space is extended for axial flow to include unsteady effects related to rotor inflow and wake periodicity. Since the aerodynamic model is based on indicial response functions, a separation of these contributions is possible and allows for the study of their impact on rotor blade flutter. The according flutter results are extracted in terms of frequency and damping behaviour for three test cases that differ in the unsteady aerodynamic model for circulation comprising blade aerofoil, rotor inflow and wake periodicity. As known for articulated rotor blades, also the 7AD blade exhibits a classical bending-torsion coupling. The lowest flutter onset is found for unsteady aerodynamics limited to blade aerofoil, whilst the cases with added rotor inflow and wake periodicity show both the same flutter onset at a 5% larger rotor speed. Here, the influence of rotor inflow plays the major role, since it increases the torsion damping within the critical flutter coupling. Added wake periodicity neither changes frequency nor damping and, hence, does not affect the aeroelastic coupling.