Love Our 'Hood - Term of Ownership Increases to 15yr Average

We all know how great our community is here in Country Club Hills and Twin Lakes, maybe that is why the term for home ownership continues to increase.  It is my job to study the housing market and compile statistics that are Good to Know.  To this end I have seen a wonderful trend for our neighborhood.  The length (term) of ownership has increased steadily over the past 4 years.

In a study I conducted in 2011, the average home owner in Country Club Hills and Twin Lakes bought their home and stayed in it for 11 years.  Since then the average term of ownership has increased to 15 years.  The largest group of buyers in the area bought and moved in between late 1999 and early 2001!

When looking at different neighborhoods for my Buyer Clients I delve into everything that could possibly be of use to my clients in aiding their decision to buy.  From nearby shopping and school ratings to walking scores and average level of education.  One of the statistics that I find is the average term of ownership.  When combined with percentage of homes that are owner occupied, the term of ownership is a great indicator of neighborhood strength.  After all, who would stay in an area that was bad for so long?

Term of ownership reflects positively on the area as a conglomeration of area statistics such as crime rate, school ratings, unemployment, police and fire services, and more.  Historically areas of decline tend to have increasing number of non-owner occupied homes and a decrease in term of ownership years.  Areas increasing in growth also tend to have lower terms of ownership because of ever increasing demand (increasing prices) and increasing potential move-up opportunities.

Stable as stable can be;  that's where we live.