Americans that purchased a home during the housing bust and sold it in 2016 profited handsomely, according to an analysis from Zillow.
Nationally, the average dollar gain on the sale was $39,900, with an average 24.1% profit from the original purchase price. The median time properties were owned was seven years, five months, which puts the average annual dollar gain at approximately $5,400.
"The housing market can change a lot in 10 years, and you see that reflected in this top 10 list," said Zillow Chief Economist Svenja Gudell in a press release. "Buying a home is one of the biggest financial decisions people will make in their lifetime, and it really paid off for sellers in these cities."
"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. It's extremely difficult to time the market, but if you're a longtime homeowner in one of these cities, you could potentially see a great return on your investment."
In Oakland, Calif.
, the typical seller received an average of $590,000 if they stayed in their property over seven years, for a profit of $235,000 and a 78% return on their investment. A typical seller in Portland, Ore.
, who owned their house for at least nine years, had a 65% profit over what they originally paid.
Here's a look at the 12 cities where homeowners who bought low during the housing crisis profited the most when they sold in 2016. The data, from Zillow, is ranked by average annual dollar gain on sale.