Homeowners have been less transient the last few years. In the first quarter of 2019, homeowners who sold their homes had owned them an average of 8.05 years, down slightly from a record high of 8.17 in the fourth quarter of 2018, reports real estate research firm ATTOM Data Solutions. Still, that’s up a 7.75 year average recorded a year ago.
Prior to the Great Recession, from the first quarter of 2000 to the third quarter of 2007, homeownership tenure averaged just 4.21 years. Homeowners who stay longer, however, are seeing higher gains at resale. In the first quarter of this year, home sellers pocketed an average price gain of $57,500 since their purchase, which is an average 31.5% return on the purchase price, ATTOM Data Solutions reports.
Among large metros with populations of at least 1 million, the areas with the longest average homeownership tenure for home sellers who sold in the first quarter were:
- Hartford, Conn.: 12.52 years
- Boston: 12.36 years
- Providence, R.I.: 11.15 years
- San Francisco: 10.40 years
- San Jose, Calif.: 10.27 years
Twenty-three percent—or 25 of 108 metros—that ATTOM Data Solutions analyzed are countering the national trend and seeing homeownership tenure decrease from a year ago. Researchers noted homeownership tenure is dropping in places like Kansas City, Mo.; Tucson, Ariz.; Boston; Orlando, Fla.; and Oklahoma City.
Source: ATTOM Data Solutions