DC-area home sellers largely saw big profits in 2021.
The year-end report from ATTOM Data Solutions released Thursday shows that DC-area sellers saw an average profit $140,000 in 2021 compared to $90,000 the year prior — a 56% year-over-year increase. For DC proper, seller gains grew at a much more marginal rate of 2.5%, from $166,751 in 2020 to $171,000 in 2021, however zip code data shows a much wider range of profit margins.
Sellers in the 20008 zip code (Connecticut Avenue corridor north of Dupont Circle) saw the highest gains by dollar amount, with an average profit of $452,000. Meanwhile, sellers in Southwest's 20024 zip code saw the highest increase in profits citywide (70.3%), as profits rose from $104,500 to $178,000.
Examined by percentage, the 20008 zip code is tied with 20012 (Takoma, Colonial Village) with 70% average gains for sellers; in the latter zip code, the average profit was $330,000 in 2021.
DC homeowners who sold in the fourth quarter of 2021 had owned their homes anywhere from an average of 5.42 years in the 20032 zip code (Congress Heights) to 10.67 years in the 20036 zip code (Downtown).
Note: The 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.
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-home-sellers-saw-profits-rise-56-last-year/19202.
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