DC area home sellers did well for themselves at the beginning of the year.
Sellers in the region saw average profits of $135,000 in the first quarter of 2022, a 16% increase year-over-year, according to a new report out today from ATTOM Data Solutions.
In certain DC zip codes, the average profits were much higher than in the rest of the region. In the 20015 zip code, which includes portions of Chevy Chase DC, Barnaby Woods and Friendship Heights, home sellers saw profits of $402,000. In the 20011 zip code, which includes portions of Petworth, 16th Street Heights and Crestwood, home sellers saw profits of $191,500.
The increase in seller profits is coinciding with the average homeownership tenure in the DC area dropping. In the first quarter of the year, that average tenure for DC-area homeowners dropped to 5.7 years, a 22% decline compared to the first quarter of 2021. After steadily increasing for nearly two decades, the average homeownership tenure in the region has fallen noticeably over the last 18 months.
“Existing home sales typically account for 80-90 percent of all home sales, and increased homeownership tenure over the past decade has had an impact on the inventory of homes available for sale,” Rick Sharga, executive vice president of market intelligence for ATTOM, said in a release. “If we continue to see a reversal of that trend, it could bring desperately needed supply back to the market, which would help stabilize prices.”
The report uses data from recorded deeds, foreclosure filings and loans. The DC region is defined based on the Census metropolitan statistical area definition, including areas like Jefferson County, West Virginia and Frederick, Maryland.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/135000-the-profits-dc-area-home-sellers-have-reaped-in-2022/19582.
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