Most DC Home Sellers Are Still Realizing Six-Figure Profits

• April 25th 2024

by UrbanTurf Staff

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As profits drop around the country, home sellers around DC are still realizing hefty returns on investment. 

DC-area homeowners who sold in the first quarter of 2024 saw an average profit of $161,000, per the latest report from ATTOM Data Solutions. In other parts of the U.S., home sellers weren't quite as fortunate.  

“The latest price and profit numbers show notably downward trends, which raises new questions about whether the housing-market boom is indeed ebbing, or even ending, after so many years of improvement,” said Rob Barber, CEO for ATTOM. “But due caution is needed in looking at the first-quarter data and what the patterns mean. We saw a similar downward pattern from late 2022 into early 2023, and then the market surged. Plus, profits and profit margins still are very high by historical measures. Amid all that, the spring buying season will be a huge barometer for whether the market still has steam in its engine.”

In DC proper, average seller profits in the first quarter were north of $100,000 in all but six city zip codes. Sellers in the 20020 east of the Anacostia River and the downtown zip code of 20036 saw the largest percentage profit increases year-over-year -- 69% and 75%, respectively. 

From a pure dollar perspective, sellers in the 20015 zip code (Chevy Chase, Barnaby Woods, Tenleytown) had the highest average seller gains citywide, at $481,500. The second most-profitable zip code for sellers was 20012 (Takoma, Colonial Village, Shepherd Park), where sellers grossed $350,000 in profit.

The 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.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/most_dc_home_sellers_are_still_realizing_six-figure_profits/22234.