Homeowners in the Philadelphia Area Stay in Their Homes Longer Than Most Other Cities


Philadelphia Skyline
Image via iStock.
The Philadelphia metropolitan area is one of seven where homeowners are staying in their homes longer than in most of the country.

Homeowners in the Philadelphia metropolitan area are staying in their homes longer than in most other cities and the country as a whole, writes Michaelle Bond for The Philadelphia Inquirer.

According to analysis by the online real estate brokerage Redfin, the median time homeowners in the Philadelphia area have lived in their homes in 2023 is 16 years and a little over a month. This is a small increase compared to 2022, when the average was 15 years and eight months.

That number also puts Philadelphia in seventh place compared to other major metropolitan areas in the country.

Meanwhile, the typical homeowner nationwide has lived in their home for about 12 years. That is lower than the peak of nearly 13 and a half years in 2020.

However, it is still roughly twice as long as in 2005. The increase is primarily driven by older Americans opting to stay in their homes as they age.

“We used to have a lot more sellers, just like every other broker,” said Matin Haghkar, broker/owner of RE/MAX Plus, which operates in the Philadelphia region.

However, in the last couple of years, more of Haghkar’s clients have become buyers.

Read more about Philadelphia area homeownership trends in The Philadelphia Inquirer.


Connect With Your Community

Subscribe to stay informed!

"*" indicates required fields

VT Yes
This field is for validation purposes and should be left unchanged.
Creative Capital logo