WASHINGTON — Homeowners in the District who stuck out the recession are getting quite a payoff, and for recent buyers, the windfall has come quickly.
Figures compiled by the Office of the Chief Financial Officer show the median gain for all sellers during the past fiscal year was $108,000.
The gains are more dramatic for those who have owned homes 14 years or more. In that group, the median gain was $324,000.
“The 14 years or more really reflects the rapid price appreciation that we’ve seen in the District over the longer term,” says Steven Giachetti, the director of revenue estimation for the OCFO.
This region is still more transient than most. On average, D.C. homeowners hang on to their properties for about seven years.
“I think what surprised me was the gains for people who held on to their homes for three years or less,” Giachetti says.
Those recent buyers-turned-sellers saw gains of $132,000.