ATTOM: In 2020, the average seller made $68,843 on the sale last year, a notable two-year increase compared to the $48,500 they made in 2018.
CHICAGO – Research from ATTOM Data Solutions reveals that home sellers nationwide saw a 2020 home-price gain of $68,843 on the average sale, up from $48,500 two years prior. Seller profits increased in more than 90% of the housing markets tracked as well.
In addition, home seller equity for single-family homes and condos represented a 34.7% return on investment compared to the original purchase price, marking the highest gain since 2006.
“Demand remained strong as people who could afford the space and relative safety of single-family homes did just that, aided by super-low mortgage rates and a strong stock market,” says Todd Teta, chief product officer at ATTOM Data Solutions. “But they went after a narrowing supply of housing stock, so prices soared and so did seller profits.”
Among 132 metro areas tracked, researchers found that the Western states tended to see the highest returns on investment at home sale.
Overall, homeowners who sold in the fourth quarter tended to own their homes longer than in the past. Homeownership tenure averaged 8.33 years, up from 7.96 years in the fourth quarter of 2019. The latest homeownership tenure is the longest since at least the first quarter of 2000, when ATTOM Solutions started tracking such data.
SOURCE: Realtor Magazine (01/28/21) ~ © Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688