San Diegans are staying in their homes twice as long as they used to, which experts say is part of the reason for a wonky housing market.

San Diego County homeowners stayed a median of 15 years before selling, said a recent study of 2023 data. That was up from a median of 7.4 years in 2005, and higher than the national median of 11.9 years.

Most experts point to rising interest rates and home prices as top reasons why current owners don’t want to sell and find a new place. There are other factors, too, such as tax advantages in not moving, as well as households becoming multigenerational as for-sale housing shortages continue.

San Diego metro, which includes all of San Diego County, had homeowners staying the 14th longest of the 41 large metropolitan areas examined. Homeowners stayed longest in Los Angeles, a median of 18.7 years, followed by San Jose (17.8 years), Cleveland (17.4 years) and San Francisco (16.7 years).

The shortest tenure was in Louisville, Ky., with a median of 7.4 years. It was followed by Las Vegas at eight years, Raleigh and Charlotte, in North Carolina, and Nashville, Tenn., all tied for 8.5 years.

California homeowners stay in properties the longest in the nation, which is largely attributed to Proposition 13. The law caps property tax increases up to 2 percent annually based on the purchase price at the time of the sale.

One of the biggest obstacles for owners to move is price. Some potential sellers would like to move, but would probably end up with a higher monthly payment because of increased interest rates and property taxes.

Older San Diegans struggle to find places to move to because even prices in 55+ communities have increased, and downsizing to a condo isn’t always a great option as most are trying to get into single-story properties because of mobility issues.

San Diego County’s homeownership tenure is down from a peak of 15.4 years in 2022. It mirrors a national trend of tenure increasing over the pandemic, but dropping somewhat in 2023.

The number of home listings in San Diego County fell to a low last year of 2,904 homes in April. It has since increased slightly to 3,056 homes listed for sale in mid-February. In the year before the pandemic, it was typical to have 7,000 to 8,000 homes for sale in a given month.

Baby boomers are most likely to stay in homes the longest. 40 percent of boomers lived in their home for at least 20 years, according to the most-recent national data. Other generations lived in their homes for fewer years, but largely because they are younger — not because of any cultural difference.

Nearly 80 percent of boomers own their home. That compares with 72 percent of Generation X owners, 55 percent of millennials and 26 percent of Generation Z.

Lori Holt Pfeiler, CEO of the local Building Industry Association, said many boomers actually want to downsize but there aren’t many options. While homeowners not selling slows the market, she argued that the biggest problem with San Diego County home listings is a lack of residential construction.

“We do not have a diversity of housing choices or types,” she said. “There are no choices for somebody to move into something different.”

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Median years San Diego County homeowners keep homes

2023: 15 years
2022: 15.4 years
2021: 15.3 years
2020: 15.3 years
2019: 14.9 years
2018: 14.4 years
2017: 14.0 years
2016: 13.6 years
2015: 13.3 years
2014: 12.8 years
2013: 12.4 years
2012: 12.1 years
2011: 11.5 years
2010: 10.8 years
2009: 10.1 years
2008: 9.4 years
2007: 8.5 years
2006: 7.9 years
2005: 7.4 years

Source: SDuniontribune by Phillip Molnar