Apr 1, 2024 - Real Estate

DMV homeowners are staying put longer

Data: Redfin analysis of county records. Note: National data calculations exclude Utah and Texas as well as Kansas City, St. Louis, Indianapolis, and Boston due to insufficient county records. Chart: Axios Visuals
Data: Redfin analysis of county records. Note: National data calculations exclude Utah and Texas as well as Kansas City, St. Louis, Indianapolis, and Boston due to insufficient county records. Chart: Axios Visuals

The typical DMV homeowner has spent 13.6 years in their home, up 21.4% from 11.2 years a decade ago, according to a recent Redfin analysis of county records.

Why it matters: Homeowners staying put is one reason there's a shortage of houses on the market across the country.

Zoom in: This comes as 2023 saw decreased DMV inventory and sales as people held on to homes — because they were locked into pandemic-era rates or were hoping rates would lower — in turn largely upping prices and competition.

State of play: Homeowners nationally are holding onto their homes nearly twice as long as they did in 2005, analysts found.

Median homeowner tenure is longest in Los Angeles and shortest in Louisville, Kentucky, per the analysis.

Between the lines: While tenure overall is up, the pandemic also sparked a moving frenzy, Redfin notes.

Go deeper: America's homebuyers are getting older

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