Most DC home sellers still realize six-figure profits

by Urban Turf Staff

As profits decline across the country, home sellers in the Washington, D.C., area are still seeing a hefty return on investment.

The average profit for homeowners in the D.C. area who sold in the first quarter of 2024 was $161,000, according to a new report from ATTOM Data Solutions. Elsewhere in the U.S., home sellers weren't so lucky.

Rob Barber, CEO of ATTOM, said: “The latest price and profit figures show a significant downward trend, raising the question of whether the housing market boom, which has been improving for many years, is really coming to an end. “A new question has arisen: will this happen, or will it end?” “But we have to be very careful to look at the first quarter data and what that pattern means. We saw a similar pattern of declines in late 2022 and early 2023, after which the market rallied. Furthermore, profits and margins remain very high by historical standards, and the spring buying season will be a big barometer of whether the market still has some engine left.”

In mainland D.C., the average profit for sellers in the first quarter exceeded $100,000 in all but six metropolitan ZIP codes. Sellers in his 20020 and downtown 20036 zip codes east of the Anacostia River had the highest year-over-year profit increases, at 69% and 75%, respectively.

In terms of pure dollars, sellers in zip codes in 20015 (Chevy Chase, Burnaby Woods, Tenleytown) had the highest average seller profits citywide, at $481,500. His second most profitable ZIP code for the seller was 20012 (Tacoma, Colonial Village, Shepherd Park), where the seller made his $350,000 profit.

This report uses data from recorded deeds, foreclosure applications, and loans. The DC region is defined based on the Census Metropolitan Statistical Area definition and includes areas such as Jefferson County, West Virginia, and Frederick, Maryland.

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This article was originally published at https://dc.urbanturf.com/articles/blog/most_dc_home_sellers_are_still_realizing_six-figure_profits/22234.