Even as home sales have slowed significantly this year, sellers around DC are still realizing hefty profits.
DC-area homeowners who sold in the third quarter of 2023 saw an average profit of $160,000, per the latest report from ATTOM Data Solutions, up slightly from last year.
“Prices and profits around the U.S. got another boost over the summer as the housing market continued recovering from last year’s setbacks,” said Rob Barber, chief executive officer for ATTOM. “Things do remain uncertain heading into the market’s annual fall slowdown, especially at a time when mortgage rates are rising again, home affordability is getting tougher and the potential for a recession hangs in the air. But the latest gains fell in line with what we often see during the third quarter and showed that any predictions of an extended market fallback may have been premature.”
In DC proper, average seller profits in the third quarter were above $100,000 in all but five city zip codes. Sellers in the 20020 and 20019 zip codes east of the Anacostia River saw the largest percentage profit increases year-over-year -- 69% and 63%, respectively.
From a pure dollar perspective, sellers in the 20016 zip code (Palisades, AU Park, Cathedral Heights) had the highest average seller gains citywide, at $492,500. The second most-profitable zip code for sellers was 20007 (Berkley, Georgetown), where sellers grossed $420,000 in profit.
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: dc home seller profits
This article originally published at https://dc.urbanturf.com/articles/blog/dc_home_sellers_realize_six_figure_profits_in_most_zip_codes/21605.
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