If a new Redfin analysis is any indication, little relief is on the horizon for the nation’s protracted period of low inventory of homes for sale. New data from the real estate brokerage firm shows homeowners are opting to live in their properties longer rather than move: This year, the typical homeowner had lived in their property 13 years, up from eight in 2010.
In the Washington area, homeowners have lived in their homes for a median of 13.4 years, up from 9.2 in 2010.
Redfin’s analysis found several reasons for the long tenure of homeowners. In some cases, homeowners choose not to move because of the lack of affordable options in the area. For example, in Salt Lake City, there are 59 percent fewer homes for sale in 2019 than there were in 2010. In addition, the median sales price rose 74.4 percent from $195,000 in 2010 to $340,000 in 2019.
In Washington, there are 38.1 percent fewer homes for sale in 2019 compared with 2010. The median sales price rose 36.7 percent from $299,900 to $410,000.