The supercharged housing market in 2020 delivered Chicago-area home sellers the most profit since 2007, according to a new report.
On average, Chicago-area sellers received $47,000 in proceeds after the sale, according to data released this morning by Attom Data Solutions, a nationwide property information service. That’s an increase of $10,000 from the average return on investment in 2019.
Attom reports a gross figure, the difference between what sellers paid for their home in the past and what they sold it for in 2020. It is not a net figure, which would include any investment in renovation or upgrade over the years. Nevertheless, it’s a handy general gauge of how sellers make out.
The more sellers profit, the more they are able to afford to use as a down payment on their next home, an especially important consideration in 2020 when home prices were rising sharply.
Attom’s figure for Chicago was negative every year from 2009 through 2015, when home values were slowly climbing out of the depths of the mid-2000s housing crash. In 2016, the first post-crash positive year, Chicago sellers averaged $3,000 in profit on their sale.
The last time sellers’ average profits were higher was 2007, the year the housing crash dawned. Chicago sellers’ average profit then was $49,000, according to Attom.
Despite the big increase in profits in 2020, Chicago sellers reaped the smallest gains of those in any of the nation’s ten largest cities. Philadelphia was next-smallest, with an average gross return on investment of $55,000, and Los Angeles was biggest, at $251,000 profit.
Home values vary widely among the big cities, so it stands to reason that the dollar figures would too. But in terms of the percentage return on investment, Chicago also trails the other major cities.
Chicago sellers in 2020 reaped a 23.2 percent gross return on their original investment on the house, according to Attom. The next-smallest return was in Washington DC, where sellers made 25.4 percent on their investment. The biggest return was Los Angeles, whose sellers reaped a 55.8 percent return on their original purchase price.
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January 28, 2021 at 12:00PM
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Here's how much Chicagoans profited selling homes in 2020's hot market - Crain's Chicago Business
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