If you sold your home in certain parts of DC in the second quarter of the year, you likely realized some hefty profits, particularly if you had been living there for awhile.
The latest report from ATTOM Data Solutions shows that DC home sellers saw six-figure profits in the majority of the city's zip codes last quarter, and when you take a closer look, it becomes clear that some zip codes saw much higher profit than others.
Sellers in the 20015 zip code — home to the Chevy Chase and Barnaby Woods neighborhoods — saw the highest profits with an average of $609,500. The typical profit margin in 20015 - the percent change between median purchase and resale prices - was 67% with an average homeowner tenure of about 6.5 years.
The second-highest profit margin was in 20016 (which covers Spring Valley, AU Park, and a few other neighborhoods) at $547,750. By percentage, the highest seller gains were in the 20016 zip code where sellers saw a 75% gain, and 20008, where the gains were 83.5%.
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 8.59 years. Coming in second is the Southwest waterfront zip code of 20024, where homeowners stay put an average of 8.15 years.
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.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-zip-code-where-home-sellers-averaged-600000-profits-last-quarter/19924.
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