Houston homeowners who sold their digs in 2017 made a pretty penny, especially in one hot 'hood. According to a new report from Zillow, the Houston housing market was one of a few in the U.S. where sellers profited enough from selling their home to cover their next down payment.
Last year, Houston-area homes sold for a median of $43,374 more than the original purchase price, a gain of 24.7 percent. Zillow says the current 20 percent down payment on a median-priced Houston home is $39,100, meaning sellers profited enough to afford their next down payment — and then some.
Homeowners in sought-after Lazybrook/Timbergrove cashed in even more. Homes in that neighborhood sold for a whopping $87,879 more than the purchase price in 2017. (The typical local seller owned the home for 8.3 years prior to selling; Lazybrook sellers sold after only 4.4 years.)
"In a housing market that’s been plagued by low inventory and increasing demand, homeowners in the nation’s hottest markets have been able to cash in when they sell their homes," said Zillow senior economist Aaron Terrazas in a release.
Across the nation, homes sold for 21 percent more than the purchase price, or $39,000. In Texas, Houston, Austin, and Dallas-Fort Worth exceeded the national average; only San Antonians made less. There, homes sold for 19.7 percent over the purchase price, or $34,029, which is less than the $36,560 needed for a down payment right now.
DFW boasted the highest return in Texas: 31.4 percent, or $56,297. And with the median down payment estimated at $45,020, DFW residents were left with a nice cushion for their next move. In Austin, homeowners profited $57,697 — 27.1 percent more than what they paid for their home, but slightly less than the median down payment of $58,620.
The Texas figures pale in comparison to California, where San Jose and San Francisco sellers made $296,000 and $222,000, respectively.