Owners are staying in their homes longer, and when they relocate, they’re not moving too far.
CoreLogic’s Insights Blog reports that homeowner mobility has declined steadily over the past three decades. Based on the median length between the recorded purchase and subsequent sale, homeowners now spend 6.6 years in their homes, compared to 4.4 years in 1985.
For those who pack up and move, 61 percent stayed within the same metro area in 2015. Only 24.6 percent moved out of state, a 15-year low.
Movers staying in the same metro were more likely to trade up in homes and paid a median price difference of $61,000 more for their subsequent home over the selling price of their prior home in 2015. Movers to a different state, on the other hand, paid roughly the same price as what they sold for.
CoreLogic’s statistics track distinct consumers through various data sets, including property tax records and recorded sale transactions.