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Profits from Home Selling Drop in 2023

photo of ROI on building blocks topped with coins indicating a drop in ROI

Profits from Home Selling Drop in 2023

Attom: Home sellers made a $121K profit on the typical sale in 2023, generating a 56.5% ROI. While still near record levels, it was the 1st decline in over a decade.

National median home price rises at slowest pace since 2011

  • The U.S. median home price increased 2.1% from 2022 to 2023, reaching another all-time annual high of $335,000
  • The typical 2023 price has more than double the nationwide median in 2011
  • The 2023 increase, however, represented the smallest annual bump since 2012, the beginning of the market recovery

Homeownership tenure up to two-year high

  • Homeowners in the U.S. who sold in the fourth quarter of 2023 had owned their homes an average of 7.96 years, up from 7.8 years in the third quarter and from 7.67 years in the fourth quarter of 2022.
  • The latest figure represented the high point since the third quarter of 2021
  • Average seller tenures were up, year over year, in 80, or 71%, of the 113 metro areas with a population of at least 200,000 and sufficient data to analyze

Cash sales at high point since 2014

  • All-cash purchases accounted for 38%, or about one of every three single-family home and condo sales in 2023 – the highest level since 2014.
  • The latest portion was up from 36.1% in 2022, although still off from the 44.7% peak this century in 2011.
  • Macon, GA (61.5% of sales); Naples, FL (58.9%); Myrtle Beach, SC (56.3%); Youngstown, OH (55.1%) and Salisbury, MD (54.4%).

The full article, with more data from ATTOM:

ATTOM

Downward arrow made of dollar coins and banknotes on white background - Concept of loss of money and downward trend of dollar currency

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