Livonia Home Inventory
Looking to upgrade, but haven't been able to find the perfect house?
Many Livonia homebuyers are hopeful that more inventory will hit the market soon and would like to move into a place by the end of the summer.
However, many Livonia homeowners are staying in their homes for more than eight years, on average. From 2000-2008, the average tenure nationally was four years.
And, new construction homes just aren't being built fast enough to keep up with the current demand. Only around one million new homes are currently hitting the national market -- that's well below the historic norm of 1.5 million.
Not having a home to move into means more people are staying put, and that has ripple effects throughout the Livonia housing market.
Historically, buyers in starter homes tend to trade up after a few years to a bigger house -- frequently after starting a family. But if they can't find a home to move into, they will just stay in the starter home longer.