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.