Strong Price Growth Tied to High Resident Turnover

A new housing tenure study of 50 U.S. cities by LendingTree finds a direct correlation between the most robust home price growth and high resident turnover rates.

Homeowners typically average 7 years living in their homes, with a high of 7.54 years in Pittsburgh and a low of 6.36 years in Las Vegas. The top 10 cities with the slowest homeowner turnover had average home price growth of 12 percent over three years. By contrast, the cities with the fastest homeowner turnover rate had a 30 percent appreciation rate in that time, HousingWire reports.

“This suggests that higher housing turnover drives prices upward, while faster price appreciation could be enticing home owners to sell,” the study stated. Interestingly, cities in the northeast dominate the top 10 list of those with the longest tenure, while hot and sunny cities have the shortest tenures, with Denver as the sole exception.

PB Topical Ref