$160,000: The Profits DC-Area Home Sellers Saw in 2023

• July 21st 2023

by UrbanTurf Staff

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DC area home sellers did well for themselves in the second quarter. 

Sellers in the region saw average profits of $160,000, a 23% increase compared to the beginning of the year, according to a new report out this week from ATTOM Data Solutions.

In certain DC zip codes, the profits were much higher than the rest of the region. In the 20015 zip code, which includes portions of Chevy Chase DC, Barnaby Woods and Friendship Heights, home sellers saw profits well in excess of $500,000. In the 20012 zip code, which includes portions of Takoma and Colonial Village, seller profits averaged $347,500.

The increase in profits didn't do much to change homeownership tenure in the DC area. In the second quarter, the average tenure for DC-area homeowners was 5.7 years, the same as the second quarter of 2022. The average homeownership tenure in the region has remained around six years since 2020. 

“Just when it looked like the housing market was flattening out, prices spiked again, which pushed seller profits back up to nearly their highest level in the past decade,” said Rob Barber, CEO for ATTOM. “Stable mortgage rates, an ongoing tight supply of homes for sale and the usual springtime surge in buyer demand appeared to have combined to halt the downturn we started seeing a year ago."

The ATTOM report uses data from recorded deeds, foreclosure filings and loans. The DC region is defined based on the Census metropolitan statistical area definition, including areas like Jefferson County, West Virginia and Frederick, Maryland.

Photo courtesy of HomeVisit.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/160000_the_profits_dc-area_home_sellers_saw_in_2023/21283.