The average tenure of a homeowner who sold last quarter was a little more than eight years, which was twice as long a homeownership tenure a decade ago.
Through a study from ATTOM Data Solutions, CNBC reports that sellers last quarter saw an average profit of $51,000, a 26 percent return.
Incredibly high demand and a lack of available homes are influencing homeowners to stay put. Though owners can earn some good money on their properties, by not selling they don’t have to worry about jostling with other buyers for a new place.
Regionally, sellers saw the biggest profits in San Jose, California, with 75 percent; San Francisco with 65 percent; Seattle with 63 percent; Modesto, California, with 62 percent; and Denver with 62 percent.
Advertisement
Related Stories
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders