Here’s a quick look at the real estate seller’s market in 2019
Did you know that homeowners selling their homes made more profit in 2019 than they did in 2018. And these profits have hit the highest levels since 2006. (Reference: according to ATTOM Data Solution’s US Home Sales Report.)
Nationwide, home sellers saw a 34% spike in their return on investment (ROI) with a home price gain of $65,500 on the typical sale. The profit figure grew from $58,100 (+31.4%) in 2018 and up from $50,027 (+27.4%) in 2017.
“The nation’s housing boom kept roaring along in 2019 as prices hit a new record, returning ever-higher profits to home sellers and posing ever-greater challenges for buyers seeking bargains. In short, it was a great year to be a seller,” said Todd Teta, chief product officer at ATTOM Data Solutions.
Keeping Their Houses Longer
The average period of time that homeowners have been staying in their homes has been steadily increasing over time. The average homeowner who sold their home in the fourth quarter of 2019 had owned their home for approximately 8 years.
The US median home price also reached an all-time high of $258,000 in 2019. Around 78% of 134 metros reported hitting new peaks in home prices, including Los Angeles, Dallas-Fort Worth, Houston, Washington, D.C., and Philadelphia.