Photo
No Video

Photo
No Video

Housing Tenure is One Indicator of Home Prices

Knowing the average time a homeowner stays in the their home is a good indicator of local home prices. For example, homeowners in the northeastern section of the United States are more likely to keep their homes for longer periods of time when compared to the homeowners in the midwest, where people move more often. Areas with shorter home ownership tenures had the highest market growth and most affordable prices. 

 

In California, where home prices are already high, the fear of putting a home up for sale without having a place lined up to move to is causing many would-be home sellers to hunker down in place, furthering the housing shortage and driving prices even higher. 

 

Housing is local. Homeownership tenure and home prices vary depending on the local market. When you work with a real estate professional with expertise on a specific area, they can help guide you on local market conditions.

 

At Compass, our real estate brokerage has over 300 local offices in 72 of the largest markets across the United States. Contact me if you have questions about any local market. 

Photo
No Video

Photo
No Video