Worcester homeowners remaining in place longer
Photo | Grant Welker
A home listed for sale on Metcalf Street in Worcester
An analysis by online real estate broker Redfin has found the average Worcester homeowner has spent nearly 17 years in her/his home, up from almost nine years in 2010.
That puts Worcester 10th nationally.
Redfin reported the median home tenure for Worcester homeowners in 2019 was 16.7 years, which is up from 8.8 years in 2010. This added length of time in their homes corresponds with a 41.1% drop in homes for sale in Worcester from 2010 to 2019.
According to Redfin, people staying in their homes longer contributes to the decreased inventory available for first-time homebuyers and price increases. According to the report, the median sale price in Worcester has risen 56.8% from $185,000 in 2010 to $290,000 in 2019.
The information was reported by Redfin in a list of 55 metropolitan areas. Homeowners have been in their homes the longest in Salt Lake City, Houston, Fort Worth, San Antonio, and Dallas, with homeowners in those metros staying in their homes for more than 20 years on average. The typical American homeowner in 2019, according to Redfin, had spent 13 years in their home, up from eight years in 2010.
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