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
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.
This article originally published at https://dc.urbanturf.com/articles/blog/135000_the_return_for_dc_home_sellers_in_2016/12800.
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