The median homeowner tenure has doubled since 2005

In 2005, the median U.S. homeowner lived in their home for 6.5 years.

In 2024, the median U.S. homeowner lived in their home for 11.8 years.

That’s according to Redfin’s latest analysis.

After climbing every year between 2005 and 2020, U.S. homeowner tenure has come down a bit due to the increase in home sales during the Pandemic Housing Boom. However, given spiked mortgage rates and low existing home sales, tenure rates could start going higher again.

“Moving forward, we expect homeowner tenure to stay flat or increase slightly for the foreseeable future. Existing-home sales hit a 15-year low last year, with many homeowners locked in by low mortgage rates, and while sales should pick up a bit this year, it’ll be more of a trickle than a flood,” wrote Redfin researchers.

Why did U.S. homeowner tenure increase so much between 2005 and 2020?

Redfin says, in part, it’s because so many baby boomers choose to "age in place."

“Older Americans are hanging onto their homes because they’re financially incentivized to do so. Most (54%) baby boomers who own homes own them free and clear, with no outstanding mortgage. For that group, the median monthly cost of owning a home–which includes insurance and property taxes, among other things–is just over $600 (similar to the monthly cost for other generations with no outstanding mortgage, but other generations are far less likely to own homes free and clear),” wrote Redfin researchers.

In addition to "aging in place," the Redfin report also cites state-level tax policies that encourage homeowners not to move as part of the reason for increased homeowner tenures. Most notably, Proposition 13 in California limits property tax increases for homeowners, thus encouraging them not to sell.

There’s also the fact that older Americans have higher homeownership rates, and over the past few decades, the composition of the U.S. population has shifted older as the giant Baby Boomer generation has aged and birth rates have declined. That has put upward pressure on homeowner tenure.

What has this meant for homebuyers and the industry? The increase in average homeowner tenure over the two past decade has subdued turnover, limiting the purchasing opportunities for certain properties and holding back existing home sales.

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Below is an updated look at year-over-year shifts in nationally aggregated home prices.

The nationally aggregated rate of home price appreciation continues to decelerate.

Active inventory for sale in the Miami, FL metro area is now back above pre-pandemic 2019 levels. The greatest softening has occurred in its condo market—especially among older condos. [ResiClub PRO members who’d like to better understand the softening situation in Florida, should read this research report].

Miami active inventory for sale:

50,841 -> April 2019

44,341 -> April 2020

24,099 -> April 2021

12,825 -> April 2022

23,340 -> April 2023

36,956 -> April 2024

51,987 -> April 2025

ResiClub PRO members can find our latest inventory analysis for +800 metros and +3,000 counties here.