Metro Phoenix Home Sellers Averaged $65,000 Profit In 2018
The average profit for a home seller in the Valley last year was $65,000. According to ATTOM Data, that’s $4,000 higher than the average U.S. profit in 2018. Still, the local numbers are lower than before the recession.
ATTOM Data examined home sales and prices going back to 2005. That year, the average Valley home seller’s profit was $93,000. In 2006, it peaked at $106,000 and so did median home prices. Todd Teta with ATTOM Data said the Valley’s median sales price is close to the pre-recession peak.
“What we’re comparing is a few thousand dollars,” he said. “A $250,000 median sales price in 2018 to a $252,000 median sales price in 2006. So, almost there. Inflation adjusted, obviously still a little bit of ways to go, but almost there from an absolute dollar value.”
Teta said the increase in median prices will likely slow down.
“There was a big increase between 2013 and 2017 from about $170,000 to $230,000,” he said. “We don’t see that kind of jump obviously over the next few years, but we see a healthy, you know, call it flat 2 to 3 percent market going forward.”