According to ATTOM’s newly released 2024 Year-End U.S. Home Sales Report, home sellers nationwide realized a profit of $122,500 on the typical sale in 2024, representing a 53.8% return on investment.
ATTOM’s latest home sales analysis reported that although both metrics stayed near record highs and home prices continued to climb nationwide, the profit margin on median-priced sales across the country fell from 56.9% in 2023. This decline marked the second consecutive annual drop—a trend not seen since the aftermath of the Great Recession in the late 2000s.
WATCH: ATTOM #FiguresFriday – Top 10 Metros with Highest Annual Increase in Gross Profits in 2024
Also, according to the report, although the gross profit on median-priced single-family home and condo sales increased by about $2,000 compared to 2023, the typical profit margin remained eight percentage points below its peak in 2022.
The 2024 analysis also found that the downward trend in investment returns persisted even as the median national home price rose by 5% to a record-high $350,000. Profit margins declined because the growth in home values couldn’t match the steeper price increases that recent sellers had paid when purchasing their properties.
ATTOM’s 2024 year-end report noted that profit margins on typical home sales declined from 2023 to 2024 in 93 of the 127 metro areas with sufficient data to evaluate investment returns, accounting for 73% of the analyzed markets.
The report mentioned that despite the nationwide decline in profit margins, gross profits on median-priced home sales in 2024 still exceeded $100,000 in 79 metro areas—62% of those with sufficient data for analysis.
The analysis also noted that eighteen of the top 20 gross profits in 2024 were concentrated along the East and West Coasts, with the highest figures reported in San Jose, CA ($782,750); San Francisco, CA ($500,000); San Diego, CA ($372,000); Los Angeles, CA ($366,500); and Seattle, WA ($332,000).
According to the report, the 20 smallest gross profits in 2024 were in the South and Midwest, reflecting lower home prices in many parts of those regions. The lowest gross profits were in McAllen, TX ($42,212); Peoria, IL ($43,500); Baton Rouge, LA ($45,180); New Orleans, LA ($46,750) and Birmingham, AL ($50,171).
In this post, we dive deeper in the data behind the latest ATTOM home sales report to uncover the top 10 U.S. metropolitan statistical areas with the largest annual increases in gross profits in 2024. Among those metros with a population of 200K or more and at least 5,000 or more sales in 2024, those with the highest annual growth in gross profits are enumerated. Additionally, we provide a comparison with 2023 and 2024 gross profits.
#10 – Hartford, CT
• 2023 Gross Profit: $127,062
• 2024 Gross Profit: $149,900
• YoY % Change: 18.0%
#9 – Bridgeport, CT
• 2023 Gross Profit: $198,700
• 2024 Gross Profit: $235,000
• YoY % Change: 18.3%
#8 – Chicago, IL
• 2023 Gross Profit: $83,985
• 2024 Gross Profit: $100,000
• YoY % Change: 19.1%
#7 – Rochester, NY
• 2023 Gross Profit: $80,500
• 2024 Gross Profit: $96,500
• YoY % Change: 19.9%
#6 – Cleveland, OH
• 2023 Gross Profit: $65,736
• 2024 Gross Profit: $79,500
• YoY % Change: 20.9%
#5 – Fort Wayne, IN
• 2023 Gross Profit: $72,500
• 2024 Gross Profit: $88,335
• YoY % Change: 21.8%
#4 – Akron, OH
• 2023 Gross Profit: $60,359
• 2024 Gross Profit: $74,000
• YoY % Change: 22.6%
#3 – Albany, NY
• 2023 Gross Profit: $85,500
• 2024 Gross Profit: $105,000
• YoY % Change: 22.8%
#2 – Syracuse, NY
• 2023 Gross Profit: $70,000
• 2024 Gross Profit: $88,000
• YoY % Change: 25.7%
#1 – Evansville, IN
• 2023 Gross Profit: $45,725
• 2024 Gross Profit: $62,375
• YoY % Change: 36.4%
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