U.S. homeowners are staying in their homes longer than at any point in at least a quarter-century, particularly in expensive coastal markets—and when they finally sell, they favor all-cash buyers.
In the fourth quarter of 2025, homeowners who sold their residences had owned them for an average of 8.55 years, up from 8.39 years the previous quarter, marking the longest tenure level in at least 25 years, according to the latest report from real estate data firm ATTOM.
The authors of the analysis attribute the low level of inventory turnover in part to elevated mortgage rates stuck above 6%, which have discouraged many homeowners—especially those “locked in” to much lower pandemic-era rates—from selling.
“At the same time, tight housing inventory and still-high home prices have made trading up or relocating more difficult, keeping owners in place longer,” according to the report.
Realtor.com® Senior Economic Research Analyst Hannah Jones confirms that near-record homeownership tenure reflects a housing market defined by affordability stress, limited supply, and strong lock-in effects—an environment that offers owners few reasons to move.
“With home prices elevated and mortgage rates well above pandemic lows, many homeowners see few compelling reasons to move,” says Jones. “For a large share of owners, selling would mean giving up a low mortgage rate and replacing it with a substantially higher monthly payment, even if they downsize or make a lateral move.”
On the other hand, all-cash sales surpassed 39% in 2025, reaching the highest level since 2013, suggesting that investors and other buyers not reliant on financing had a clear edge with sellers.
Coastal states see longest homeownership tenures
Housing turnover varies widely by region, with pricey coastal markets posting the highest rates of homeownership tenure at the end of last year, led by Massachusetts, where the average tenure was 13.29 years—up more than 4% compared to Q4 2024.
Connecticut ranked second, with the average homeowner there remaining in their home 13.02 years.
“Many homeowners have mortgage rates that are below 4%, and they have been reluctant to move given their low payments,” Carl Lantz, a West Hartford, CT-based real estate agent at Coldwell Banker Realty, tells Realtor.com. “That, coupled with rising prices, make a move even tougher.”
Lantz notes that while long-time homeowners may have seen significant appreciation in their homes, it offers little benefit in today’s market.
“It’s hard to make use of it both with the rates on loans and the fact that a move up would also be at a higher price,” he says.
Another issue contributing to low inventory turnover in Connecticut is that many older people are choosing to age in place rather than downsize.
“They see the higher prices on smaller homes and feel like it’s too expensive to move, even though their current home is likely worth significantly more than when they bought it,” says Lantz.
California came in third in ATTOM’s Q4 ranking, with an average homeownership tenure of 11.24 years, up 4.8% year over year, followed by Rhode Island, at 11.04 years, with Washington rounding out the top five, at 10.86 years.
On the other side of the spectrum, Maine boasted the nation’s lowest average homeownership tenure of just 4.8 years, followed by Mississippi and South Dakota, both at 5.95 years; Georgia at 6.35 years; and West Virginia at 6.39 years.
What’s keeping owners in place?
“That the longest homeownership tenures are concentrated in coastal states such as Massachusetts, Connecticut, and California points to structural supply constraints and high replacement costs, not just short-term market conditions,” says Jones.
“These states tend to have some of the nation’s highest home prices, stricter land-use regulations, and limited opportunities for large-scale new construction. As a result, moving within these markets often implies a meaningful step up in housing costs.”
Lock-in effects are especially strong in coastal markets because many homeowners snagged historically low mortgage rates during the pandemic. In high-priced metros, the gap between existing mortgage payments and the cost of buying a comparable home today is particularly wide, discouraging mobility.
“The result is persistently low turnover, longer tenure, and continued pressure on housing supply,” says Jones, adding that this dynamic is most challenging for first-time buyers looking to break into the market without the benefit of existing equity.
Low resale activity keeps inventory tight, especially in entry-level price ranges, while prices remain elevated because of scarce housing supply.
At the metro low, Barnstable, MA—the largest town on Cape Cod with constrained housing inventory and sky-high prices—had the nation’s highest homeownership tenure of 14.12 years. Springfield, MA, ranked second at 13.49 years, followed by, New Haven, CT, at 13.37 years; Bridgeport, CT, at 13.2 year; and Hartford, CT, at 13.15 years.
Lantz says for homeowners in Connecticut to consider moving, mortgage rates would need to fall enough that they are no longer feeling locked in by their current lower rates.
There were some positive signs in the third quarter of 2025, as homeowners with mortgages above 6% outnumbered those with rates below 3%, indicating that some were swapping lower-rate loans for higher ones.
