Homeowners who sold in the fourth quarter of 2019 owned their homes for an average of 8.21 years, up from an average of 8.08 years in the third quarter and a mere 7.95 years in Q4 2018. This marks the longest average homeseller tenure since Attom began collecting the data in 2000.
“The nation’s housing boom kept roaring along in 2019 as prices hit a new record, returning ever-higher profits to home sellers and posing ever-greater challenges for buyers seeking bargains,” Attom Chief Product Officer Todd Teta said. “In short, it was a great year to be a seller.”
Homeowners and sellers reaped the benefits from a 6.2 percent increase in U.S. median home prices in 2019, hitting an all-time high of $258,000, compared to a 4.5 percent increase in 2018.
Residents of Connecticut, however, proved they weren’t yet ready to capitalize on record home prices in 2019, with Constitution State homeowners boasting the longest average home seller tenures. Homesellers in Norwich took the lead with average tenures of 13.49 years.
The four other remaining cities among the top five were also in Connecticut, with New Haven (13.32 years) leading the way, followed by Bridgeport-Stamford (13.23 years), Torrington (12.33 years) and Hartford (12.25 years).
At the opposite end of the spectrum, homeowners in Oklahoma City, Oklahoma, shouldered the shortest average tenure at 6.16 years. The four other cities with the shortest average tenure were Colorado Springs, Colorado (6.84 years); Detroit-Warren-Dearborn, Michigan (6.88 years); Austin-Round Rock, Texas (7.01 years); and Denver-Aurora-Lakewood, Colorado (7.08 years).
Although most metro areas followed the national trend, 45 of the 108 metro areas included in the study reported a year-over-year decrease in average home seller tenure. For example, the tenure of residents in Colorado Springs, Colorado, declined 9 percent, and the tenure of residents in Modesto, California decreased by 7 percent, among others.