Like the rest of the country, home seller profits were down in many parts of DC during the first part of 2023. However, if you sold your home in select zip codes, you likely realized some hefty profits.
The latest report from ATTOM Data Solutions shows that profit margins on home sales fell across the U.S. in the first quarter as home prices were flat or declined around much of the country.
"“Homeowners are starting to take a significant hit in the form of lost profits from the recent market slowdown," Rob Barber, chief executive officer for ATTOM, said in a release. "Nine months of varying price declines around the country have carved away almost a quarter of the profit margin sellers were enjoying in early 2022. That’s a striking reversal of what we saw for a decade.”
The DC region similarly saw profits dip in most zip codes compared to early 2022, however not all areas fell into that category.
Sellers in the 20016 zip code — home to AU Park, Palisades and Spring Valley — saw the highest profits with an average of $493,000. The typical profit margin in 20016 - the percent change between median purchase and resale prices - was 62% with an average homeowner tenure of about 6.4 years.
The second-highest profit margin was in 20015 (Chevy Chase DC and Barnaby Woods) at $290,000, followed by 20001 with $170,000 median profits. Average homeownership tenure citywide did not vary as much as profits, with the median tenure somewhere between 6 to 8 years for most zip codes.
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.
This article originally published at https://dc.urbanturf.com/articles/blog/the_dc_zip_code_where_home_sellers_averaged_500000_in_profits_last_quarter/20956.
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