Most Homeowners Keep Their Home for 13 Years

home buyers packingRecently, we reported that many homeowners get an ‘itch’ to move to a larger home when they turn 35. But, how long do homeowners actually stay in their Chicago real estate before moving again?
According to the National Association of Home Builders, the average U.S. homeowner remains in a single-family home for 13 years before moving out, a decrease from previous years. In 2011, the average homeowner remained in their home for 16 years, and in 2009 the total was 20 years.
This year’s lower number is actually good news because it means people are putting their homes up for sale and they are selling faster and spending less time on the market. After the recession in 2008, many homeowners weren’t willing to take a risk on selling their home, but now that mortgage rates are low and the housing market is beginning to pick up again, both buyers and sellers are taking advantage of these changes.
In Chicago, homes are taking an average of 136 days to sell, which is a decrease from this time last year, when the average home was on sale for 170 days, according to RE/MAX.
On a national level, the median market time for all homes was 70 days in November 2012, compared to 98 days in November 2011.