And that's making things even harder for would be first-time buyers
In 2010, a typical US homeowner had spent 8 years in their home. IN 2019, that figure rises to 13.
An analysis of 55 metros by Redfin reveals that in the markets with the longest homeowner tenures - Salt Lake City, Houston, Fort Worth, San Antonio, and Dallas – an average homeowner has been in their home for more than 20 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."
The longer tenure is exacerbated by policies of some local governments that allow seniors to defer property taxes until the home is sold.
Redfin says that the longer tenures have contributed to supply issues.
In San Francisco, for example, the data shows that it is older homeowners who are staying put and, where they have been in their home for 20+ years, the median Redfin Estimate is around $122K lower than for those homes where the resident has changed in the past 5 years.
That means that the more affordable homes in the market are not being sold, harming first-time buyers’ chances of getting on the ladder.
Additionally, where homes are in areas with desirable amenities such as parks, schools, and shops, they are even less likely to be put on the market.
