Home seller profits are still hefty in the DC region, but they aren't quite as substantial as they were just a few months ago.
The latest report from ATTOM Data Solutions shows that DC home sellers saw six-figure profits in the majority of the city's zip codes last quarter. Below UrbanTurf looks at the profits in a dozen zip codes around the city.
Sellers in the 20015 zip code — home to the Chevy Chase and Barnaby Woods neighborhoods — saw the highest profits with an average of $485,500. The typical profit margin in 20015 - the percent change between median purchase and resale prices - was 56%, down from 67% earlier this year.
The second-highest profit margin was in 20012 (which covers Takoma and Shepherd Park) at 54%, with average profits of $317,500. Like 20015, the profit margin in 20012 was also down about 10% compared to the second quarter. Rounding out the top five are 20016, 20003 and 20002.
Average homeownership tenure saw quarter-over-quarter increases in most city zip codes. Homeowners are staying put longest in the Southwest Waterfront zip code of 20024, with an average tenure of 9.5 years. Coming in second is the downtown zip code of 20036, where homeowners stay put an average of 8.8 years.
The ATTOM 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; homeownership tenure is the average time between the most recent and previous sales dates for applicable units.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/a_look_at_home_seller_profits_around_dc/20221.
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