Americans Stay in Homes Longer, Tightening Housing Supply
Homeowners in the US hold properties for record periods
The US housing market is facing a growing structural constraint as homeowners are selling their properties far less frequently than in previous decades. According to a new report from real estate brokerage Redfin, the typical American homeowner had lived in their home for 12 years as of December 2025.
This figure is nearly double the median tenure recorded about two decades ago. The trend is increasingly seen as a key factor limiting housing supply and keeping home prices elevated across many regions of the United States.
Analysts say that longer ownership periods reduce turnover in the housing market and make it more difficult for new buyers to access available homes.
Limited housing supply continues to drive prices higher
A shrinking pool of homes listed for sale has intensified the imbalance between supply and demand. Limited inventory, combined with persistent demand, has pushed housing prices to record highs in many US markets.
High borrowing costs and moving expenses have become major barriers for homeowners considering relocation. Many owners have accumulated substantial equity in their existing homes and are reluctant to trade favorable conditions for a new purchase.
Chen Zhao, head of economics research at Redfin, says the current market conditions create a self-reinforcing cycle.
High mortgage rates and rising home prices keep homeowners in place and discourage them from moving to another home or neighborhood, which further reduces available inventory and makes it harder for first-time buyers to enter the market.
Low mortgage rates keep many owners from selling
One of the strongest forces holding homeowners in place is the historically low mortgage rates many secured in previous years.
According to data provider Intercontinental Exchange, roughly 70% of US mortgage borrowers are locked into rates below 5%. For many homeowners, purchasing another property would mean replacing their current mortgage with a much more expensive loan.
Even though 30-year fixed mortgage rates recently fell below 6%, many homeowners remain reluctant to sell and lose the favorable financing conditions they currently have.
Demographics also shape the housing supply problem
Demographic factors are also contributing to slower housing turnover. Across many parts of the US, older homeowners continue to live in large houses even after their children have moved out.
These homes could potentially become available for younger families, but many owners prefer to stay in familiar neighborhoods and avoid the financial and logistical costs of moving.
This dynamic further intensifies structural housing shortages in major metropolitan areas.
California cities show the longest homeowner tenure
The longest ownership periods are recorded in major metropolitan areas of California. According to Redfin’s analysis, homeowners in Los Angeles stay in their homes for around 20 years on average, the longest tenure in the country.
San Jose follows closely behind, reflecting similar market dynamics. One reason for this pattern is California’s property-tax system, which allows homeowners to retain relatively low property-tax bills until they sell their homes.
This policy creates a strong incentive for owners to remain in place for longer periods.
Some cities see faster housing turnover
In contrast, several cities show significantly shorter homeowner tenure. Louisville, Kentucky, records the shortest average ownership period at about 8.3 years.
Other cities with relatively faster turnover include Las Vegas, Charlotte in North Carolina, and Orlando. These markets tend to have more affordable housing and greater population mobility.
Falling mortgage rates could gradually unlock supply
Market analysts believe that further declines in mortgage rates could eventually encourage more homeowners to list their properties.
However, the housing market may take time to normalize because millions of owners still benefit from ultra-low mortgage rates secured during previous years.
As a result, housing inventory remains tight, keeping home prices elevated and limiting opportunities for first-time buyers.
As experts at International Investment note, the trend of longer homeowner tenure represents a structural shift in the US housing market. When property owners stay in their homes longer, housing supply becomes constrained and price pressures increase. If mortgage rates remain relatively high, the limited availability of homes could continue to support elevated housing prices and make it more difficult for new buyers to enter the market.