U.S. homebuyers are reselling sooner than they have in over eight years, and almost no place is flipping homes quicker than Portland.
Owners of single-family houses and condos in the city sold them during July, August and September after an average of 3.39 years from purchase, according to a report released Thursday by ATTOM Data Solutions, a California-based real estate tracking company.
That tenure is the third-shortest among metro markets in the country. The shortest was in Lakeland, Fla., where the turnover time averaged 1.97 years, and Bremerton, Wash., ranked No. 2, with an average of 2.79 years.
Nationwide, the average time between buying and reselling was 6.31 years, according to data from the third quarter of 2021. The average was virtually unchanged from the figure for the second quarter, 6.29 years.
But those times are far less than the average of 7.85 years reported in the third quarter of 2020. And the most recent two quarters marked the shortest times between purchase and resale since the beginning of 2013, according to ATTOM.
Among 109 markets with sufficient data to analyze, ATTOM found the average time decreased, year over year, in 101 of them. In Lakeland, the Florida city with the shortest time last quarter, the average interval had fallen 74%.
The company didn’t provide full data for each market, but highlighted other findings in a news release:
- Fifteen of the 20 longest average tenures among sellers in the third quarter of 2021 were in the Northeast or West regions.
- The longest average tenure during the third quarter, 10.09 years, was in Manchester, N.H.
- In another New England market, Springfield, Mass., the average buy-to-sell period fell 43%, the fourth-steepest decline.
ATTOM said its data is sourced from property tax, deed, mortgage, foreclosure, environmental risk, natural hazard and neighborhood records for more than 155 million U.S. properties, covering 99% of the country’s population.
