Redfin reports [1]that the average American homeowner in 2019 had spent 13 years in their home, which is an increase from eight years in 2010.
The average home tenure rose in all 55 metros studied by Redfin. Homeowners in Salt Lake City, Utah; Houston, Texas; Fort Worth, Texas; San Antonio, Texas; and Dallas, Texas have been in their homes the longest.
Homeowners in Salt Lake City had the longest tenure at 23.4 years—8.7 years longer than in 2010. Median home prices in the market rose nearly 75% during that same period, increasing from $195,000 to $340,000.
Houston reports homeowner tenures of 23.2 years, Fort Worth had a 22.6 year tenure, San Antonio was at 22 years, and Dallas had a homeownership tenure of 21.9 years.
“In Dallas, there are many neighborhoods that were built in the 1950s and 1960s where most of today’s residents are still the original homeowners,” said Dallas Redfin agent Christopher Dillard. “Because prices have been going up, and folks are gaining more and more equity, it’s hard to justify selling when there aren’t many if any affordable options.
Rising homeownership tenures of those aged 67 to 85 are causing a shortage of 1.6 million homes, according to a report by Freddie Mac. [2] The average homeowner in San Francisco has been in their home for 14 years in 2019, compared to just 10 in 2010. During the same time, there are about half as many homes for sale in the metro than there were in 2010.
The average home price in San Francisco has more than doubled since 2010. Home with an average tenure of 20 years are $120,000 cheaper than those with a resident change in the last five years.
Redfin adds that when homebuyers do not move it reduces the number of homes for sale, making a market more competitive for buyers. Salt Lake City has seen the number of available homes fall 59% from 2010 to 2019.
“I have a client right now in West Valley who wants to move into the city in a more walkable, higher priced neighborhood,” said Salt Lake City Redfin agent Daniel Lopez. “They would need to sell to buy, but are worried about making a competitive offer when they still need to sell their current home. I rarely see offers with home sale contingencies accepted in Salt Lake City because the market is competitive.”