DC-area home sellers realized record profits last year.
The year-end report from ATTOM Data Solutions released on Thursday showed that sellers in the region saw average profits of $165,000 in 2023 compared to $152,000 in 2022 — an 8.4% year-over-year increase. The previous record for seller profits was set in 2022.
“Last year certainly stood out as another very good year for home sellers across most of the United States," Rob Barber, CEO at ATTOM, said. "Typical profits of over $120,000 and margins close to 60 percent were still more than double where they stood just five years earlier."
Sellers in the DC zip codes of 20015 (Chevy Chase DC, Barnaby Woods) and 20016 (Spring Valley, AU Park), along with the Bethesda zip codes of 20815 and 20816 saw the highest gains by dollar amount, with average profits exceeding $500,000. The DC zip code of 20024, east of the Anacostia River, saw the highest percentage gains in profits of 87%.
While home seller profits rose in the DC region, they fell in the country as a whole. Profits fell in the country compared to 2022, the first time that profits have dropped since 2011.
"In 2024, the stage seems set for more small changes in prices as well as seller gains given the competing forces of interest rates that have headed back down in recent months and home supplies that remain tight, but home ownership costs that remain a serious financial burden for many households,” the report said.
Photo Courtesy Carolyn Homes.
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.
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area_home_sellers_saw_record_profits_again_in_2023/21896.
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