The decision to stay or leave a home can often be market dependent, with high costs of buying and selling in some markets incentivizing homeowners to stay put while low fees and taxes in other markets mean homeowners can gain equity more easily and upgrade their home. According to an analysis of sale record data from CoreLogic by Realtor.com from January 2001 through August 2022, homeowners stay put the longest in McAllen, Texas; New York City; Baltimore; Miami; and Washington, D.C.
To determine its ranking, Realtor.com ranked the median number of months that passed between the most recent home sale and the previous time the home changed hands. In order to generate a geographically diverse list, Realtor.com included only a single metro area in each state, except in the case of a tie.
In McAllen, Texas, the average time between sales of a home was 10 years and three months and the median time on the market for a home was 48 days. The city offers home prices 30% lower than the U.S. average and a unique location, right along the U.S.-Mexico border.
New York has some of the highest barriers to entry of any market, according to Realtor.com, which is a factor in why the turnover for homes is so low (the average time between sales of a single home is nine years and five months). The high costs of homes also likely contribute to homeowners staying put longer in Miami and Washington, D.C., with median home prices in both areas well above $550,000.
Cleveland and Toledo, Ohio; Oxnard, California; Greensboro, North Carolina; and Albuquerque, New Mexico, round out the top 10 metros where homeowners have the longest tenures in their homes, according to Realtor.com.
Conversely, the top five metros where homeowners stay put for the shortest amount of time includes Colorado Springs, Colorado; Greenville, South Carolina; Indianapolis; Knoxville, Tennessee; and Spokane, Washington. The average time between sales in Colorado Springs is four years and nine months. The metro is home to Army, Air Force, and Space Force bases, as well as the North American Aerospace Defense Command, which likely contributes to the short tenure of homeowners who move frequently due to their service. Greenville is home to more than 250 international firms, with frequent corporate transplant employees, contributing to the quick time between home sales in the metro, according to Realtor.com.
The low cost of living and relatively high salaries in Knoxville means many homeowners can upgrade from an entry-level or starter home quickly. The average time between sales for a home in the market is five years and one month. The reactive affordability of both Indianapolis and Spokane also contribute to the quicker sales of homes by residents moving up the ladder of homeownership.
Lakeland, Florida; Atlanta; Phoenix; Oklahoma City; and Salt Lake City round out the top 10 metros where homeowners have the shortest tenures in their homes, according to Realtor.com.
