2020 was a good year to sell a home in the DC region.
Home sellers last year saw an average profit of $87,000, according to ATTOM Data Solutions' 2020 Home Sale Report released today. The average profit represents a 24% year-over-year gain for the area. Nationwide, home seller gains averaged $68,800.
In certain DC zip codes, the average profits were much higher than seen in the rest of the region. In the 20002 zip code, which includes portions of Capitol Hill, Edgewood, Eckington and the H Street Corridor, home sellers saw profits of $210,550, an increase of 16% compared to 2019. In the 20011 zip code, which includes portions of Petworth, 16th Street Heights and Crestwood, home sellers saw profits of $217,750.
One thing that remains consistent with home sales profits is how long people are staying in their home. Homeownership tenure has steadily increased in the DC area over the last twenty years, going from 1.09 years in the first quarter of 2000 to 8.34 years in the last quarter of 2020, a record high for tenure in the region. This puts homeownership tenure in the DC area on par with the nationwide average of 8.33 years.
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.
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-home-sellers-averaged-87000-in-profits-in-2020/17816.
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