In recent years, homeowners have been staying in their homes longer than they ever have in the past, but there is indication that could be changing. Fifty-five percent of the largest metros in the U.S. saw declines in average homeowner tenure from the first quarter to the second quarter, according to a new report from ATTOM Data Solutions, a real estate research firm.
The metros that saw the largest declines in homeowner tenure—which could indicate more are moving—are Torrington, Conn. (down 10.9%); Yakima, Wash. (down 9.8%); Gainesville, Fla. (down 7.2%); Honolulu (down 6.8%); and Springfield, Mass. (down 6.4%).
Overall, the smallest homeownership tenures were in these locales in the second quarter: Colorado Springs, Colo. (6.29 years); Oklahoma City (6.59 years); Grand Rapids, Mich. (6.79 years); Denver (6.83 years); and Minneapolis (6.94 years).
Homeowners who sold in the second quarter owned their homes an average of 7.95 years, according to ATTOM Data Solutions. That average hasn’t changed from the 7.96 peak that was first set in the fourth quarter of 2019, even though several individual metros are noticing fluctuations.
The metros with the longest homeowner tenure tend to be along the East and West coasts. The top five are all in Connecticut: Norwich (12.84 years); Bridgeport (12.39 years); New Haven (12.21 years); Hartford (12.01 years); and Torrington (11.67 years).
View homeowner tenure in your county.
Source: ATTOM Data Solutions
