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Redfin reports significant homeowner trend changes from 2005 to 2024
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The length of stay in a single home has nearly doubled for the average homeowner in the past two decades
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In 2005, homeowners typically spent around 6.5 years in a single home. In 2024, this figure has risen to 11.9 years.
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The shift indicates a decreasing frequency in home sales and potential implications on available housing.
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Reasons for the increased length of stay
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Changes in lifestyle: With remote work culture on the rise, the necessity for geographical relocation has been significantly reduced.
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Economic factors: High home prices combined with mortgage rate fluctuations have deterred homeowners from selling and upgrading.
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Home improvement trends: An increase in the popularity of home renovations and improvements has seen more homeowners putting down roots rather than moving.
In the grand soap opera that is the housing market, the character of Homeowner 2024 is looking slightly less roguish, and more like an immovable couch potato, marking 11.9 sweet years of stay-in-place behavior compared to the 6.5-year old flirtatious gallivanting spirit of Homeowner 2005. What’s the juiciest subplot here, you wonder? Well, let’s spill the real estate tea. With remote work biting down geographical barriers like a relentless beaver, the economic wolf huffing and puffing high home prices and mortgage rates, and the rising popularity of home renovation shows making us all believe we can be the next Nick Knowles with a sledgehammer, homeowners are choosing nest-building over flitting to a new pad. Long story short, dear audience, our real estate play has seen a change in the main cast, so prepare for fewer open-house parties and more anniversary celebrations for homeowners and their beloved abodes. The show, as they say, must go on!
Original article: https://www.inman.com/2024/02/15/homeowners-are-staying-put-twice-as-long-as-they-did-2-decades-ago/
