$196,000: The DC Area Sees Record Home Seller Profits

• July 26th 2024

by UrbanTurf Staff

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DC area home sellers realized historic profits in the second quarter of the year, as home prices reached record levels.

Sellers in the region saw average profits of $195,000, a 51% increase compared to a year ago, according to a new report out this week from ATTOM Data Solutions. The previous high for seller profits ($175,000) was in the second quarter of 2023. 

In certain DC zip codes, the profits were much higher than the rest of the region. In the 20008 zip code, which includes portions of Cleveland Park and Woodley Park, home sellers saw profits in excess of $630,000. In the 20016 zip code, which includes portions of Spring Valley, Palisades and Kent, seller profits averaged $630,000.

As they soared in the DC region, profit margins were generally flat across the rest of the U.S.

“The second-quarter profit report offers a mixed bag of plusses and minuses that added up to an overall picture of not much change for sellers,” said Rob Barber, chief executive officer for ATTOM. “Prices jumped back upward, which was great news for owners. So did raw profits. Profit margins also remained historically elevated. But the bottom-line profit-margin trend didn’t move much at all because soaring prices are far from a new thing."

The report calculates seller gains as the difference between the median sold price for the quarter and the previous median sold price of those same units that sold. 

This article originally published at https://dc.urbanturf.com/articles/blog/196000_the_dc_area_sees_record_home_seller_profits/22560.