Americans are holding on to their homes longer, and it costs potential homebuyers.
The length of stay of homeowners in the US has been steadily rising, a major reason why the stock of homes for sale is at record lows and prices are nearing record highs.
The typical homeowner in 2020 was in place for 13 years, up slightly from 12.8 years in 2019 and well ahead of the 2010 reading of 8.7 years, according to a new analysis from real estate brokerage Redfin Corp. About one in four American homeowners has lived in the same home for more than 20 years, the study showed.
Home sales soared last year, reaching their highest level in 14 years, when the coronavirus pandemic caused many Americans to look for a bigger home where they could work remotely more easily. Partly because of this, the median duration of home ownership flattened out last year.
But concerns about Covid-19 had the opposite effect on potential sellers. Fears of strangers entering their homes during the pandemic prompted some people to cancel or delay plans to list their homes, real estate agents say.