What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
$135,000: The Returns for DC Home Sellers in 2016
A Capitol Hill home that garnered 19 offers in 2016.
Despite signs that inventory in DC is rising, the city’s competitive housing market continues to be a climate where multiple offers and bids exceeding list prices are regular occurrences. Now, a new study from Zillow explores just how much city homeowners have benefited from the hot market in recent years.
The report found that DC homeowners that sold their home in 2016 saw a median return of $135,000. Homes sold in the city last year were originally purchased for a median price of $379,000, held on to for an average of 6.4 years, and then sold for $551,000, making for an annual return of $21,227. This high rate of return also signifies the extent to which the local housing market has recovered since the recession.
DC homeowners’ returns in 2016
story continues below
loading...story continues above
A six-figure return is impressive compared to the rest of the country, where the median overall return was $39,900 — still the highest gain for a year since 2007. San Francisco homeowners had the largest annualized return at 14.6 percent and typically made over $200,000 when selling last year. Cities like Baltimore, however, are on the opposite side of the spectrum seeing an annual return of $5,000 or 0.9 percent.
The length of time that owners hold onto their homes is a big determinant in their overall gains from selling. The nationwide average is 7 years and 5 months; meanwhile, homeowners in some of the priciest markets hold onto their homes for closer to a decade.
See other articles related to: dc home sales, home sales, zillow
This article originally published at https://dc.urbanturf.com/articles/blog/135000_the_return_for_dc_home_sellers_in_2016/12800.
Most Popular... This Week • Last 30 Days • Ever
A new hotel has been pitched for a development site in Mount Vernon Triangle that has... read »
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
As profits drop around the country, sellers around DC are still realizing hefty retur... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro