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Americans are holding on to their homes longer, and it is costing would-be home buyers.
The length of time U.S. homeowners stay put has been rising steadily, a big reason why the inventory of homes for sale is at record lows and prices are near all-time highs.
The typical homeowner in 2020 had remained in place for 13 years, up slightly from 12.8 years in 2019 and well ahead of 2010’s reading of 8.7 years, according to a new analysis by real-estate brokerage Redfin Corp. About one in four U.S. homeowners has lived in the same home for more than 20 years, the study showed.
Home sales soared last year, reaching their highest level in 14 years, as the coronavirus pandemic sent many Americans looking for a larger home where they could work remotely more easily. That was one reason why the median length of homeownership leveled off last year.