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Biggest gains from property are currently on the West Coast of the US

July 19, 2018 / Zillow

Homeowners selling on the West Coast of the United States are experiencing the biggest gains with property selling for an average of 54% more than they paid, a new analysis shows. Those in San Jose, for example, sold their homes for a median gain of $296,000 and the location is seeing the fastest home value appreciation and the biggest declines in inventory, according to the research from real estate firm Zillow. The research also shows that nationally sellers made about $39,000 after owning their homes for eight and a half years, a profit of about 21%. It explains that 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, while welcome news for home sellers who are able to cash in on higher home prices, also demonstrate how difficult the market is for buyers.