The Zuck Effect? Why Home Sellers In This DC Zip Code Saw Huge Profits Last Quarter

• April 25th

by UrbanTurf Staff

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Yesterday, while covering a new report about home seller profits in DC, UrbanTurf came across an eye-popping dollar figure: $850,000. 

That amount was the average profit homes sellers in DC's 20008 zip code reaped in the first quarter of the year. To put that number in perspective, no other zip code in the city saw profits above $550,000.

So, what is happening?

First, the beginning of the year was busy in 20008, a zip code that is home to portions of Woodley Park, Kalorama and Massachusetts Avenue Heights. Twenty-three homes sold for a total of $108 million, according to Robert Hryniewicki of HRLS Partners at TTR Sotheby's International Realty. That is a significant increase from a year ago, when 14 homes sold in the zip code for $61 million. 

Second, it appears that many sellers in the zip code are thinking it is time to cash in on their home equity. The average homeownership tenure in 20008 is nearly 10 years, nearly the highest in the city. That means that owners are sitting on a lot of equity. Case in point: A home in Kalorama purchased in 2016 for $3.1 million sold two months ago for more than $6 million. 

But perhaps the more likely cause is that over the last two quarters, 20008 has been the location of some of the city's big ticket home purchases. A home along Woodland Drive sold in January for $17.5 million, well north of its $9.65 million purchase price back in 2022. And in early March, Meta's Mark Zuckerberg quietly purchased a home in Woodland Normanstone for $23 million. 

"The 2025 increase in units and volume are the result of both very high-priced homes selling as well as almost double the number of sellers entering the market to capitalize on the strong demand for these neighborhoods," Hryniewicki told UrbanTurf. "This trend will continue not only because of the sought-after location but also because they feature some of the city's best architecture."

Photo by HRLS Partners. 

This article originally published at https://dc.urbanturf.com/articles/blog/the_zuck_effect_why_this_dc_zip_code_saw_huge_profits_last_quarter/23441.