Source: Housing Wire —
With about half the number of homes available on the market as there were two years ago, many frustrated buyers are wondering when more owners will be ready to sell. A new study by Redfin shows that it may be starting to happen — although homeowners are still staying in their homes much longer than they did a decade ago.
The study found that U.S. homeowner tenure dipped a bit in November 2021, when the typical homeowner had spent 13.2 years in their home — down from 13.5 years in November 2020, and the first drop in tenure length since 2012, when the average was 10.1 years. The recent dip may be the result of owners cashing in on high prices, and by the scores of remote workers opting to relocate during the pandemic.