What's Hot: Barnes and Noble Returns To Georgetown Next Week | How An Unmarried Couple Buys A Home Together
DC-Area Home Sellers Saw $92,000 in Profits Last Quarter
✉️ Want to forward this article? Click here.
In case you need more evidence of how hot the local housing market has been this year, home seller profits have shot up over the past six months.
Homeowners in the DC area who sold in the third quarter of 2020 saw an average profit of $92,100, according to the latest report from ATTOM Data Solutions. This is a 30% increase in profit year-over-year, the highest quarterly average profit since the first quarter of 2008, and represents a 26% return on investment for sellers.
Home seller profits nationwide averaged $85,000 in the third quarter, reflecting a comparable rate of year-over-year growth (28.8%). Profit margins increased in nine out of 10 metro areas nationwide.
story continues below
loading...story continues above
Despite the profits, DC-area homeowners are staying put longer. Homeownership tenure has risen from 1.09 years in the first quarter of 2000 to 8.6 years in the third quarter of 2020. Considering that the average homeownership tenure in the country is 8.13 years (the highest it has been since 2000), it might be past time to retire the DC region's reputation for transience.
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.
See other articles related to: attom data solutions, dc area home prices, dc area market trends, dc housing prices, seller profit
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-home-sellers-saw-92000-in-profits-last-quarter/17438.
Most Popular... This Week • Last 30 Days • Ever
Estate taxes, also known as inheritance taxes or death duties, are taxes imposed on t... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... read »
Washingtonian is reporting that the national bookstore chain will open its doors the ... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro