The typical U.S. homeowner now stays in their home for about 12 years, according to a new Redfin report, nearly double the 6.5-year average seen in 2005. Longer tenure is largely driven by aging homeowners and low mortgage rates locked in during previous years, making many reluctant to sell and take on higher housing costs.
This trend has tightened housing inventory and made it more difficult for first-time buyers to enter the market. In some areas, the effect is even more pronounced, Los Angeles homeowners hold onto their homes for an average of 20 years, the longest tenure in the country. California’s Proposition 13 property tax rules also encourage owners to stay put by keeping their tax bills low over time. Meanwhile, more affordable markets like Louisville, Las Vegas, and Charlotte see faster turnover, creating more opportunities for buyers and investors.