West Coast home sellers see biggest price gains
According to Zillow, through 2017, the West Coast saw some of the biggest home value increases over the past decade, and home sellers are seeing big profits as a result.
Nationally, home sellers last year made nearly $39,000, or 21 percent, when compared with what they originally paid for the home, according to a Zillow analysis. The typical seller had lived in their home for 8.4 years before selling it.
In San Jose, Calif., the typical home sold in 2017 earned the sellers 54 percent more than they originally paid for it nine years earlier, the highest profits of the metros analyzed. In the San Jose and San Francisco metros, sellers made more than the median value of a typical U.S. home.
A short supply of homes for sale has kept upward pressure on home prices, especially in markets where available homes are hardest to find. The profits are welcome news for home sellers who are able to cash in on higher home prices, but demonstrate how difficult the market is for buyers. It is increasingly common for homes to sell for more than the listed price – in 2017, nearly a quarter of all homes sold for more than the asking price, up from 18 percent in 2012.