Mar 25, 2024 - News
Homes in Tampa Bay change hands often
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Tampa Bay homeowners are settling down for shorter periods of time.
Why it matters: Fairly affordable metro areas and migration hotspots like Tampa Bay are seeing homes change hands more often. The churn effect of migration can fuel local economies.
Zoom in: The typical Tampa Bay homeowner has spent nine years in their home, down from 10.7 years a decade ago, according to a recent Redfin analysis of county records.
- Nationally, tenure sits at nearly 12 years.
Between the lines: The pandemic sparked a moving frenzy, Redfin notes.
Zoom out: Analysts found that homeowners across the U.S. are holding onto their homes nearly twice as long as they did in 2005.
- Many of those staying put are older adults aging in place. Most baby boomers who own houses are mortgage-free or have a low interest rate, according to Redfin.
Go deeper: America's homebuyers are getting older