Compared to the rest of the country, Denver homeowners are gunning to pack their bags and move out. The city came in last on Redfin’s list of 55 cities ranked by how long people are staying in their houses. Even with greater turnover, however, Denver is still feeling the pressure of doubling prices and a lack of houses for sale that much of the country is facing.
The typical U.S. homeowner is staying put in the same place five years longer than at the start of the decade. But metro Denver residents aren’t typical.
Back in 2010, U.S. homeowners had spent a median of eight years in their homes, according to a study from Redfin, a national real estate brokerage firm based in Seattle. But this year, the median tenure is now at 13 years.
In Salt Lake City and Houston, the median tenure exceeds 23 years, and it is above 20 years in Fort Worth, San Antonio, and Dallas, according to Redfin.
By contrast, metro Denver residents are tumbleweeds. The median tenure went from 8.7 years to 9.3 years. The increase was only 6.9%, the smallest of the 55 metro areas Redfin examined.