Seattle Homeowners are Staying in their Homes Much Longer than they did in 2010
According to a new nationwide study by Redfin, an average homeowner in 2019 has owned their home for 13 years – up from eight years in 2010. The study analyzed 55 metro areas and the average length of homeownership increased in all of those. Salt Lake City, Houston, Fort Worth, San Antonio and Dallas are the top five metros with the most substantial increases.
The length of homeownership in Salt Lake CIty was most striking: it went from 14.7 years in 2010 to an astonishing 23.4 years in 2019. The other cities in the top five have all noted an increase to over 21 years, the highest in the nation. While Seattle does not rank in the top ten, the average length of homeownership in our city has increased as well – from 8.7 years to 12, still below the national average. Meanwhile, the percentage change in homes for sale decreased by over 50% during that period. The median sales price saw a significant increase, from $308,750 in 2010 to $560,000 this year.
The study is significant because as people stay in their homes longer, the amount of affordable homes for sale for first time homebuyers decreases. According to Freddie Mac, the shortage is as high as 1.6 million homes nationwide. In addition, homeowners who are looking to upgrade are also affected by the shortage – they have trouble buying and selling at the same time, as contingent offers are not looked at favorably in competitive markets.
Thinking of buying and/or selling? We have experience with contingent offers and can help. Call us today at 206-910-5000 or email at email@example.com