Americans stick to their homes longer and it costs potential buyers.
The length of time homeowners in the US have been standing has steadily increased, an important reason why the inventory of homes for sale is at record levels and prices are close to all-time highs.
The typical homeowner in 2020 remained in place for 13 years, up slightly from 12.8 years in 2019 and well ahead of the 8.7-year reading in 2010, according to a new analysis of Redfin Corp. About one in four U.S. homeowners has lived in the same home for more than 20 years, the study said.
Home sales rose last year to the highest level in 14 years as the coronavirus pandemic sent many Americans looking for a bigger home where they could work remotely more easily. This was one of the reasons why the average length of the property decreased last year.
But concerns about Covid-19 have had the opposite effect among potential sellers. Fear of strangers entering their homes during the pandemic has led some people to cancel or delay their plans to list their homes, realtors say.