Homeownership Tenure Falls To 12-Year Low

Dated: May 4 2023

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Homeownership Tenure Falls To 12-Year Low

 

According to recent data, the length of time homeowners stay in their homes before selling has reached its lowest point in 12 years. Buying a home is significant and usually implies a long-term commitment, but how long exactly? Historically, the average length of time homeowners stay in their homes before selling varies, with the duration gradually increasing until a few years ago. This duration was typically around eight years, sometimes approaching 10.

However, recent figures suggest that the trend has reversed. According to the U.S. Home Sales Report for the first quarter of 2023 from ATTOM Data Solutions, homeowners who sold their homes at the start of this year lived in them for an average of 5.59 years. This decrease from 5.81 years at the end of last year represents the shortest tenure period since the middle of 2011. The cities that experienced the most significant drops in tenure from the previous year include Atlantic City, Dayton, Tallahassee, Chattanooga, and St. Louis. The most extended tenure periods were found in the Northeast and West, with Honolulu leading the way with an average of 8.21 years.

If you're interested in real estate in Southwest Florida, the MikeDowner.com website is the most comprehensive source of information and services available online. Mike Downer and Coldwell Banker Realty offer everything from the latest sales and trends to homes for sale in Collier County and Lee County, Florida. You can easily access information on new listings, price changes, short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida by visiting www.MikeDowner.com or by calling Mike at 239-722-6453.

 

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Michael Downer

Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....

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