Homeowners in this market sold for 78% more than they paid

by Steve Randall07 Sep 2017
Oakland, CA has topped the list of cities where home sellers saw the greatest return on their initial purchase price.

A typical seller in the metro in 2016 sold for an average $590,000, 78% more than they paid for it just over 7 years earlier.

An analysis by Zillow shows that nationally, buying is better than renting for those planning to live in the home for at least two years and one month.

"The housing market can change a lot in 10 years, and you see that reflected in this top 10 list," said Zillow Chief Economist Dr. Svenja Gudell. "Every city on this list has been growing extremely fast over the past decade, with the majority passing peak home value hit during the housing bubble."

Three cities in the list have double-digit home value growth year-over-year: Seattle, 15.5%; Boston, 11%; and Sacramento, 10.9%.

 

 Top 10 Cities Where Home Sellers Cashed Out on Record Home Values

Rank

City

Median Years
Owned

Dollar Gain on
Saleii

Annual Dollar
Gain on Sale

Percent Gain
on Sale

1

Oakland, Calif.

7 years 3 months

$ 235,000

$ 33,913

78.0%

2

Portland, Ore.

9 years 1 month

$ 145,026

$ 16,714

64.7%

3

San Jose, Calif.

9 years 8 months

$ 271,150

$ 30,562

56.5%

4

Denver

7 years 7 months

$ 119,500

$ 18,162

56.0%

5

Los Angeles

9 years 8 months

$ 200,000

$ 23,200

53.7%

6

Sacramento, Calif.

6 years 11 months

$ 82,500

$ 12,000

53.6%

7

Seattle

9 years 2 months

$ 185,000

$ 20,840

53.1%

8

Philadelphia

7 years 11 months

$ 40,225

$ 4,194

51.7%

9

New Orleans

8 years 7 months

$ 81,000

$ 10,475

51.5%

10

Boston

7 years 10 months

$ 182,500

$ 25,036

49.6%


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