DC Home Sellers See 30% Average Price Gain in Third Quarter

• November 6, 2015

by UrbanTurf Staff

Further evidence came out earlier this week that the third quarter of 2015 was a pretty good time to sell your home in DC.

RealtyTrac’s Home Sales Report showed that homeowners in DC who sold in the third quarter realized an average price gain of $130,593 from the purchase price of their property. That works out to an average of a 30 percent gain from the purchase price. The report showed that DC home sellers in the third quarter had, on average, owned their homes for just over six years.

Nationwide, homeowners who sold during the third quarter realized an average price gain of $40,658 (17 percent) from the purchase price of their property, the highest average gain since 2007. RealtyTrac indicates that these hefty price gains are not likely to continue.

“An increasing number of homeowners in 2015 have been cashing out the home equity they’ve gained during the housing recovery of the past three years,” said Daren Blomquist, vice president at RealtyTrac. “That may be a good decision because the data points to a plateauing market going forward. Home price appreciation is slowing, a trend that will continue if interest rates rise in the coming months as expected. Meanwhile the threat of rising interest rates combined with lowered premiums for buyers using FHA loans is spurring more demand.”

This article originally published at http://dc.urbanturf.com/articles/blog/dc_home_sellers_see_30_percent_average_price_gain_in_third_quarter/10558