Report: Average owner stays put for 10 years
Homeowners continue to delay moving, as the typical seller in 2017 had stayed in his or her home for 10 years before selling – a tie for the record tenure set in 2014, according to the National Association of REALTORS’ 2017 Profile of Home Buyers and Sellers. Homeowner tenure has steadily increased since 2009, when sellers typically lived in their home for a median of six years before selling.
Economists speculate that low inventory and soaring home prices are forcing homeowners to stay put longer. Instead, they are choosing to renovate their current homes rather than trade up. But the good news is that homeowners are accruing more equity: The typical seller saw a gain of $47,500 this year, according to NAR’s report.
When buyers do move, they tend to trade up to something bigger. Fifty-two percent of sellers say they planned on purchasing a bigger home, an increase from 46 percent in 2016, according to NAR’s report.