What's Hot: A Snapshot Of Apartment Rents Across The DC Area
DC-Area Home Sellers Saw Average Profits of $69,500 in 2019
✉️ Want to forward this article? Click here.
A new report shows how profitable it can be to be a homeowner in the DC area.
Owners in the region who sold a home in 2019 saw an average profit of $69,500, according to ATTOM Data Solutions' 2019 US Home Sales Report. This represents a steady increase in average profits since 2015, when the average was $38,000; the average profit was just shy of $60,000 in 2018.
Seller profits nationwide averaged $65,500, an increase from $58,100 in 2018 and the highest profit since 2006. Meanwhile, cash purchases represented 25 percent of home sales in 2019, the lowest level since 2007, but still higher than the 17 percent observed in DC proper.
story continues below
loading...story continues above
Unsurprisingly, the DC area was one of 105 out of 134 metro areas where home prices peaked in 2019, with a metrowide median of $395,000. Another interesting data point was that Maryland was among a handful of states where distressed sales (eg. foreclosures, short sales, etc.) were the most prevalent type of home sale in 2019, accounting for 18.1% of transactions.
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 8.2 years in the last quarter of 2019. This puts homeownership tenure in the DC area on par with the nationwide average of 8.21 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.
See other articles related to: attom data solutions, homeowner tenure, seller profit
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-home-sellers-saw-average-profits-of-69500-in-2019/16420.
Most Popular... This Week • Last 30 Days • Ever
Today, UrbanTurf takes a look at the office-to-residential conversions on the boards ... read »
Today, we take a closer look at home insurance.... read »
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
A new report shows that apartment rents rose ever so slightly in DC over the last yea... read »
The beautiful four-story property, with three renovated units offering more than $200... read »
- A Look At The 9 Office-To-Residential Conversions On The Boards in DC
- A Look at What is Covered By Home Insurance
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- A Snapshot Of Apartment Rents Across The DC Area
- Elegant Dupont Circle Rowhouse, Boasting Huge Rental Income Potential, Hits the Market
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