DC-area home sellers saw their largest profits on record last year.
The year-end report from ATTOM Data Solutions released late last week showed that sellers in the region saw average profits of $155,000 in 2022 compared to $141,000 in 2021 — a 10% year-over-year increase.
"Despite a market slowdown in the second half of last year, profits rose from 2021 to 2022 in 98 percent of housing markets with enough data to analyze," the report stated. "The latest nationwide profit figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2008."
Sellers in the DC zip codes of 20015 (Chevy Chase DC, Barnaby Woods) and 20016 (Spring Valley, AU Park) saw the highest gains by dollar amount, with average profits exceeding $450,000. These two zip codes also led the way for DC proper in terms of profit margin.
The zip codes that are home to McLean, portions of Georgetown and Foxhall, as well as most of Bethesda also saw very healthy seller profits last year.
“It seems pretty likely that home seller profits peaked for this cycle in 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “Median prices have declined on a monthly basis since mortgage rates doubled between January and October and are likely to decline further in many markets across the country in 2023, reducing profitability for home sellers.”
Photo courtesy of HomeVisit.
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_in_2022/20552.
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