News Releases

November 4, 2019 at 8:00 AM EST
Redfin Report: Homeowners are Staying in Their Homes Five Years Longer Than in 2010
Increased home tenure leaves first-time homebuyers with fewer options

SEATTLE, Nov. 4, 2019 /PRNewswire/ -- (NASDAQ: RDFN) — The typical American homeowner has spent 13 years in their home, up from eight years in 2010, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Median home tenure increased in all of the 55 metros Redfin analyzed, leading to decreased inventory available for first-time homebuyers in many places.

Redfin Logo (PRNewsfoto/Redfin)

Homeowners have been in their homes the longest in Salt Lake City, Houston, Fort Worth, San Antonio, and Dallas, with homeowners in those metros staying in their homes for more than 20 years on average.

"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."

Many local governments have put policies in place that reduce property tax burdens for senior citizens, which have made it more affordable for older people to stay in their homes longer. In Texas, where homeowners tend to stay put the longest, homeowners over the age of 65 have the option to defer property taxes until the home is sold.

Aging in place has reduced the number of homes for sale
Homeowners age 67 to 85 are remaining homeowners longer, causing a shortage of 1.6 million homes, according to a report by Freddie Mac. In San Francisco, the median homeowner has been in their home for 14 years, compared to only 10 years in 2010. At the same time, there are about half as many homes for sale in San Francisco than there were in 2010, and the homes that are for sale are more expensive. The median home price has more than doubled in San Francisco since 2010.

That's in part because older San Franciscans who own affordable homes are the ones staying put. In San Francisco, the median Redfin Estimate for homes where the resident hasn't changed in over 20 years is about $122,000 lower than the median Redfin Estimate for homes where the resident has changed in the last five years. That means there are fewer affordable homes for sale for first-time homebuyers, making a market more competitive.

In Salt Lake City, where the median home tenure is the highest, the number of homes for sale has declined 59 percent from 2010 to 2019. That has led to a situation where current homeowners are further locked in place because they find it too difficult to sell and buy a home at the same time.

"I have a client right now in West Valley who wants to move into the city in a more walkable, higher priced neighborhood," said Salt Lake City Redfin agent Daniel Lopez. "They would need to sell to buy, but are worried about making a competitive offer when they still need to sell their current home. I rarely see offers with home sale contingencies accepted in Salt Lake City because the market is competitive."

Homeowners who already live with walkable access to amenities like schools, parks and shops are more likely to stay put in homes. And when homeowners stay put that means fewer homes are for sale. In zip codes with above-average Walk ScoreⓇ ratings for their metro, the median home tenure is 11 months longer and there is more competition for the homes that are listed with homes staying on the market eight fewer days compared to zip codes with below-average Walk Score ratings. That means first-time homebuyers who are still looking to own a home and start a family are relegated to neighborhoods in less walkable exurbs on the outskirts of town.

Below is the median home tenure data for each metro included in Redfin's analysis. To read the full report, please visit: https://www.redfin.com/blog/homeowners-staying-in-their-homes-longer.

Metro

Median
Home
Tenure in
2019

Median
Home
Tenure in
2010

Percent
Change in
Homes for
Sale: 2010 to
2019

Median Sale
Price in 2019

Median Sale
Price in 2010

Percent
Change in
Median Sale
Price: 2010 to
2019

Salt Lake City, UT

23.4

14.7

-59%

$340,000

$195,000

74.4%

Houston, TX

23.2

14.5

-7.1%

$249,900

$158,000

58.2%

Fort Worth, TX

22.6

14

-33.2%

$250,000

$140,000

78.6%

San Antonio, TX

22

13.3

-10.9%

$234,000

$155,357

50.6%

Dallas, TX

21.9

13.3

-14%

$299,900

$169,900

76.5%

Austin, TX

18.4

9.7

-10.6%

$323,000

$189,000

70.9%

Boston, MA

17.6

9.5

-47.9%

$516,000

$316,750

62.9%

Indianapolis, IN

17.3

9

-58%

$197,000

$119,950

64.2%

Los Angeles, CA

16.8

12.3

-40.9%

$635,000

$330,000

92.4%

Worcester, MA

16.7

8.8

-41.1%

$290,000

$185,000

56.8%

Cleveland, OH

16

12.1

-45.6%

$162,500

$105,000

54.8%

Anaheim, CA

15.8

11.7

-25.8%

$705,000

$405,500

73.9%

Nassau County, NY

15.4

11.2

-30.2%

$480,000

$357,000

34.5%

San Jose, CA

15.2

11.7

-45.7%

$1,051,750

$475,000

121.4%

Urban Honolulu, HI

15.2

12.2

19.3%

$590,000

$425,500

38.7%

Oakland, CA

14.6

10.8

-58.2%

$738,000

$312,000

136.5%

Montgomery County, PA

14.6

11.2

-36.4%

$340,000

$265,000

28.3%

Philadelphia, PA

14.5

10.3

-38.4%

$232,500

$155,000

50%

Frederick, MD

14.3

10.5

-29.6%

$425,000

$315,000

34.9%

San Diego, CA

14.2

10.7

-46.2%

$595,000

$328,250

81.3%

Chicago, IL

14.2

9.3

-22%

$256,500

$167,000

53.6%

Baltimore, MD

14.1

10.2

-36.1%

$290,000

$222,500

30.3%

Fresno, CA

14.1

10.2

-22.2%

$280,000

$148,500

88.6%

New Brunswick, NJ

14.1

10.4

95.8%

$340,000

$289,000

17.6%

Richmond, VA

14

10.6

-51.4%

$269,950

$199,000

35.7%

San Francisco, CA

14

9.8

-54.7%

$1,375,000

$650,000

111.5%

Providence, RI

13.7

7.8

-35.7%

$295,000

$195,000

51.3%

Cincinnati, OH

13.6

9.5

-46.3%

$195,900

$119,250

64.3%

Warren, MI

13.4

10.2

-20.7%

$226,950

$79,000

187.3%

Washington, DC

13.4

9.2

-38.1%

$410,000

$299,900

36.7%

Bakersfield, CA

13.3

8.8

-12.4%

$245,000

$113,000

116.8%

Columbus, OH

13.2

9.7

-43.5%

$222,000

$130,000

70.8%

Jacksonville, FL

13.2

9.5

-35.4%

$240,000

$132,950

80.5%

Tucson, AZ

13.1

9.3

n/a

$225,000

$140,000

60.7%

Sacramento, CA

12.8

9.4

-52.8%

$417,000

$195,000

113.8%

Hartford, CT

12.7

8

n/a

$232,500

$176,500

31.7%

Greenville, SC

12.4

9.6

-24.3%

$222,500

$130,000

71.2%

Minneapolis, MN

12.3

8.7

-45%

$286,950

$158,900

80.6%

Atlanta, GA

12.3

8.7

-45.9%

$248,000

$116,000

113.8%

Seattle, WA

12

8.7

-51.4%

$560,000

$308,750

81.4%

Portland, OR

11.9

8.5

-40%

$408,000

$225,000

81.3%

Tulsa, OK

11.8

7.7

-42.2%

$175,000

$135,000

29.6%

Tampa, FL

11.8

8.7

-57.2%

$237,000

$114,000

107.9%

Orlando, FL

11.5

8.1

-60.7%

$260,000

$100,000

160%

West Palm Beach, FL

11.1

9.2

-28.5%

$289,000

$130,000

122.3%

Rochester, NY

10.8

7.6

-37.7%

$164,900

$118,000

39.7%

Albany, NY

10.7

6.6

-27.4%

$216,000

$174,950

23.5%

Buffalo, NY

10.5

7.2

-30.7%

$170,000

$115,000

47.8%

Raleigh, NC

9.9

7.8

-25.8%

$290,000

$199,450

45.4%

Denver, CO

9.3

8.7

-47.2%

$420,000

$208,700

101.2%

Phoenix, AZ

9.1

7.6

-62.2%

$280,995

$111,000

153.1%

Las Vegas, NV

8

7.2

-51.8%

$286,000

$118,500

141.4%

Omaha, NE

7.2

6.4

-52.4%

$216,450

$145,000

49.3%

Louisville, KY

6.3

4

-52.7%

$210,000

$143,258

46.6%

Grand Rapids, MI

5.2

4.8

-56.7%

$216,000

$100,000

116%

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.

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SOURCE Redfin

Redfin Journalist Services: Erin Osgood, 206-588-6863, press@redfin.com