Redfin is reporting that homeowners are now staying put almost twice as long. No doubt that is a contributing factor to the supposed housing shortage we are seeing now. Homeowner's tenure is a statistic I haven't paid much attention too throughout my career. I do remember when I got started selling real estate in 2006 I was trained on the importance of staying in touch with my customers because on average people sell there home and move about every six or seven years. I was surprised to learn that since 2005 the length of home ownership has been trending up. Way up in fact.
Of course there are variations from region to region. Florida, you would think would have a shorter duration than the national average due to the aging population and more transient nature of those that live here. But, also according to Redfin, the Miami Metro region is pretty close to the national average.
Boomer's seem to be happy to just age in place. I have noticed less demand to downsize since prior to Covid. I used to get a lot of calls from folks wanting to leave their big house in the western suburbs and downsize into an oceanside condo or townhouse. That's not happening as much anymore. They are still coming from out of state, but I see less movement locally.
The chart shows that tenure peaked in 2020 and has since been declining a bit. The forecast is for tenure to remain flat at current levels.
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