Profits for home sellers in the DC area soared in the first part of 2021.
The latest report from ATTOM Data Solutions shows that DC-area home sellers saw average profits of $90,000 in the first quarter of 2021 — a 20% year-over-year increase. When the DC data is broken down by zip code, the variation in profits becomes much more stark.
Sellers in the city's 20015 zip code — home to the Chevy Chase and Barnaby Woods neighborhoods — saw the highest profits by far with an average of $606,700. The second-highest profit margin was in 20008 (which covers the Connecticut Avenue corridor between Dupont Circle and Nebraska Avenue) at $496,550.
By percentage, however, the highest seller gains were in the 20018 zip code, which includes the neighborhoods of Brentwood, Woodridge, and Fort Lincoln. Here, sellers saw $244,500 in profits, a 135.5% gain. The second highest percentage gain was 78.3% in the 20008 zip code.
Average homeownership tenure citywide did not vary as much as profits, although there are some standouts. Tenure is longest in the 20006 zip code just west of the White House, whose few residents stay an average of 12.68 years. Coming in second is the Takoma zip code of 20012, where homeowners stay put an average of 10.4 years.
Interestingly, the shortest tenure is in the 20015 zip code, where homeowners stay 3.5 years — perhaps an indication that owners are cashing out while the market is hot.
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.
NOTE: Methodology explanations were added after publication.
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-neighborhood-saw-over-600000-in-gains-last-quarter/18199.
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