Remember when the average home ownership tenure was 5-6 years? That average length of tenure has increased substantially since the Great Recession housing bust. The median length of time people owned their homes rose to 8.7 years in 2016. Despite years of population growth the current single-family home starts are about half of what
they were at the peak of the housing bubble. People just aren’t moving. Conor Dougherty, reporter for the New York Times, wrote an excellent piece analyzing why people remain reluctant to move. Real Estate’s New Normal: Homeowner’s Staying Put. While the article doesn’t answer the question of how to get your buyers under contract in this tight inventory market, it provides some great insights into where we are and whether we should predict much change on the horizon.