Here’s where home sellers made the biggest profits in 2017

San Jose and San Francisco took the lead

TRD New York /
Jun.June 26, 2018 08:16 AM

Sellers in San Jose and San Francisco made the most money on their homes last year across the United States.

The median gain on homes they bought nine years earlier in San Jose was 54 percent, Bloomberg reported. That comes to a profit of nearly $300,000 — above the current median U.S. home price of $215,000.

San Francisco sellers saw a 46 percent increase, which translates to about $222,000 in profit. Nationally, where sellers owned their homes for 8.4 years, the median profit was 21 percent, the report said.

“A short supply of homes for sale has kept upward pressure” on prices, according to the Zillow report.

But in many areas, sellers aren’t able to make enough of a profit to cover a down payment. In New York — where the typical seller owned their home for almost 11 years — the median gain was 15 percent, or $46,000. That falls short of the typical down payment of $85,000, Bloomberg said.

U.S. home prices are the least affordable in nearly a decade, according to another recent Zillow report. In May, the median price of a previously owned homes rose to a record $264,800. [Bloomberg] — Meenal Vamburkar

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report