What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
Four More Years: DC Area Homeowners Are Staying Put Longer
✉️ Want to forward this article? Click here.
![](https://assets.urbanturf.com/dc/images/blog/2019/11/1913_Park_Road_NW.jpg)
Freddie Mac noted earlier this year that senior homeowners opting to age in place is constraining the housing supply available to younger would-be buyers. Now, more data is emerging to illustrate just how much longer people are staying put.
A recent Redfin report shows that in the DC area, the median homeowner had spent 13.4 years in their home in 2019, an increase from 9.2 years in 2010. This tracks with nationwide data, where the stay-put duration had increased from eight years to 13 years over the same timeframe.
story continues below
loading...story continues above
The increase in homeowner tenure partially accounts for the lack of inventory on the market, as there are 38 percent fewer homes for sale in the DC area in 2019 than there were in 2010. Median sales prices have gone up at almost the same rate that inventory has dropped, going from $299,900 in the DC area in 2010 to $410,000 in 2019, an increase of 36.7 percent.
The Redfin analysis cites the increase in home prices as a disincentive for older homeowners to move, particularly as tools like reverse mortgages have become less predatory and these homeowners are better able to access their home equity. Also, the study notes that, in zip codes with WalkScore ratings which are above the metrowide average, median home tenure goes up by 11 months.
The DC area housing market has certainly exemplified the effects of tight housing supply, as prices continue to hit record highs and concentrated new construction in some areas fails to keep up with demand enough to make a dent in price growth.
See other articles related to: aging in place, homeowner tenure, homeownership, housing inventory, housing supply, redfin, supply and demand
This article originally published at https://dc.urbanturf.com/articles/blog/four-more-years-dc-area-homeowners-tenure-increases/16100.
Most Popular... This Week • Last 30 Days • Ever
![First-Timer Primer: Tax Relief for DC Homeowners](https://assets.urbanturf.com/dc/images/blog/2013/02/Homestead_Exemption_280.jpg)
When you buy a home in the District, you will have to pay property taxes along with y... read »
![A 127-Unit Luxury Condo Building In The Works For Downtown DC](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/950%203rd%20Street%20Dusk%20EXT_image_560x420.jpg)
The largest condominium building in downtown DC in recent memory is currently under c... read »
![HPO Recommends Approval For 160-Unit Office-To-Residential Conversion in Dupont Circle](https://assets.urbanturf.com/dc/images/blog/2024/06/resized/1201-Conn_image_560x420.jpg)
The plan to convert a Dupont Circle office building into a residential development ap... read »
![Beautifully Constructed Condominium in The Bridge District is Now 50% Sold](https://assets.urbanturf.com/dc/images/blog/2024/07/Riviere%20article/resized/2305%20Nicholson%20St%20SE%20405-0003_image_560x420.jpg)
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
![Monday's Must Reads](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/bubble_image_560x420.jpg)
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro