While the DC area housing market continues to make consistently strong showings, this dynamic obscures some more interesting facts at play.
Since 2000, the average homeownership tenure in the DC area has gone up virtually every year, according to ATTOM Data Solutions's 2018 US Home Sales Report, from just over one year in the first quarter of 2000 to 8.3 years in 2018. Despite the increase in tenure, the DC area was tied for 10th place for the shortest homeowner tenure among the largest U.S. metropolitan areas.
Another interesting statistic from the report focused on how home seller profits have changed over the years. The gains in the region were at their peak in 2005, with profits of $171,000, and remained strong through 2007 before dropping off from 2008-2011. After a paltry 2012, seller gains started picking back up in 2013, and, despite a downward blip in 2015, have steadily increased to hit $59,825 in 2018.
Nationwide, those who sold their home last year saw an average price gain of $61,000, an increase from $50,000 in 2017. On another note, cash purchases represented 27.8 percent of home sales in 2018 nationwide — higher than the 20 percent observed in DC proper.
The report is culled from recorded deeds, foreclosure filings and loan data.
This article originally published at https://dc.urbanturf.com/articles/blog/average-dc-area-homeowner-sells-at-nearly-60000-profit/14947.
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