According to ATTOM’s newly released Q2 2024 U.S. Home Sales Report, home sellers achieved a 55.8 percent profit margin on average single-family home and condo sales in the United States during the second quarter. This figure was mostly stable, increasing by approximately one percentage point from the first quarter of 2024, but remaining one point lower than the same period last year.
ATTOM’s latest home sales analysis reported that the nationwide investment return remained nearly unchanged and continued to lag significantly behind the peak reached in 2022. This was despite the median U.S. home price soaring to a new record of $365,000 during the 2024 spring home-buying season.
Also according to the report, the price surge did help increase typical raw profits for sellers back to over $130,000, nearly reaching a new all-time high. However, it failed to significantly boost profit margins—the percentage return on investment—nationwide. This is because the recent price surge wasn’t sufficient to outpace the spikes recent sellers had experienced when they originally bought their homes.
ATTOM’s Q2 2024 home sales analysis also reported that Nationwide, the median price of single-family homes and condos rose from $335,000 in the first quarter of this year to $365,000 in the second quarter. This figure also increased from $344,000 in the second quarter of last year. The typical value rose quarterly in 95.7 percent of metro areas with sufficient data for analysis, and annually in 89.6 percent. It reached new highs in approximately 75 percent of those markets.
The report stated that the Midwest and Northeast benefitted the most from the latest price spike, with approximately three-quarters of metro areas in those regions experiencing annual gains of at least 5 percent.
The Q2 2024 report also mentioned that metro areas with the largest year-over-year increases in median home prices were Des Moines, IA (up 16.8 percent); Trenton, NJ (up 16.2 percent); Fort Wayne, IN (up 15.2 percent); Scranton, PA (up 14.3 percent); and Albany, NY (up 14.1 percent).
In this post, we dive deeper in the data behind the latest ATTOM home sales report to uncover the top 10 U.S. major markets with the highest median-priced single-family homes and condos in Q2 2024. Among those metros with a population of 1 million or more, those with the highest median-priced homes included: San Jose-Sunnyvale-Santa Clara, CA ($1,600,000); San Francisco-Oakland-Hayward, CA ($1,204,750); Los Angeles-Long Beach-Anaheim, CA ($963,500); San Diego-Carlsbad, CA ($910,000); Seattle-Tacoma-Bellevue, WA ($740,000); Boston-Cambridge-Newton, MA-NH ($680,000); Urban Honolulu, HI ($624,250): New York-Newark-Jersey City, NY-NJ-PA ($620,000); Washington-Arlington-Alexandria, DC-VA-MD-WV ($585,000); and Sacramento–Roseville–Arden-Arcade, CA ($576,500).
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