Coastal homeowners in Massachusetts and Connecticut hold onto properties the longest

Americans are holding onto homes for a record 8.55 years, driven by low mortgage rates and high prices. This trend, the longest in 25 years, is exacerbated by limited inventory and the "lock-in effect" of pandemic-era low rates. Coastal states like Massachusetts and Connecticut show the longest tenures. The "lock-in effect" may ease as more homeowners face rates above 6%, potentially increasing market activity.