Typical Philly homeowners who sold their homes in 2016 made off pretty well, gaining $40,250 last year, or a return of 5.3 percent per year.
That’s according to a recent Zillow report, which found that U.S. homeowners who sold their homes in 2016 gained $39,900. For the purpose of the report, “gained” means the difference between what they bought the home for and what they sold it for in 2016.
In Philadelphia, homeowners who sold their homes in 2016 held onto them for seven years and nine months before putting them up for sale. That’s pretty on par with the rest of the country’s homeowners, who have waited longer and longer to put their homes back on the market.
In addition, in Philadelphia the median prior sale price was $73,000. The median sale price in 2016 was $120,000.
This is all good news for Philly homeowners; the market officially transitioned from a buyer’s to seller’s last year. Of course, it may not sit well with potential buyers who want to own in Philly, yet must compete with others in a market that currently has the lowest inventory in recent history.
Among the top 100 cities included in the Zillow analysis, Philly actually falls on the lower end when it comes to other markets. Homes gained the most value on the west coast. San Jose, California, for example, saw an impressive $271,150 total return and a $30,572 annual return. These Californians held onto their homes a bit longer than the average Philadelphian, selling their homes after owning them for nearly 10 years.
These interactive charts show how Philly’s market compares to the rest of the U.S.